Midnite announces £26m Series C led by Raine Partners to scale UK sportsbook and casino platform

Midnite, a UK sportsbook and casino operator, has raised £26 million in a Series C funding round led by Raine Partners IV, The Raine Group’s flagship growth equity fund. Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated in the round, bringing Midnite’s total equity funding to more than £55 million. This follows the £75 million credit facility Midnite secured earlier this year to fund marketing initiatives and further business growth.

Proceeds from the Series C funding round will be used to scale operations, accelerate development of products and support international expansion. A majority of the investment will be channelled into expanding Midnite’s human capital, bolstering its product-led strategy and helping to close the gap with the market’s largest operators.

Founded in 2018 by Nick Wright and Daniel Qu, Midnite operates a sportsbook alongside horse racing and casino products, all built on its own technology rather than third-party software commonly used across the industry. It positions itself as a challenger brand focused on product quality and player experience.

Midnite plans to leverage its in-house technology stack as it grows internationally, while continuing to invest in UK-based engineering talent. The business will continue to build out its product team by hiring experienced operators, with all engineering teams remaining onshore in the UK. The company added horse racing and casino to its product mix in 2023 and entered a rapid growth phase in 2025, expanding its team to 150 employees.

We’re thrilled to have the continued support of some of the best investors in gaming. Our product-centric approach is what has got us to where we are today, and we will continue to place the experience of our players as our highest priority. This capital enables us to hit the gas and accelerate our growth strategy as we pursue tier-1 operator status, investing heavily in our product team to truly disrupt the industry with a challenger brand platform for a new generation of players.

Nick Wright, Co-founder

We’re pleased to deepen our relationship with Midnite as it continues to develop its product portfolio and grow at scale. The Midnite team has a clear vision, with the dedication and passion necessary to be an industry leader in product innovation. We look forward to seeing what comes next as Midnite paves the path forward for the next generation of players.

John Salter, Partner at Raine

We’re excited to continue backing Midnite as they scale towards tier-1 status. Midnite is a true first-mover in building social, rewards and live operations at the core of the gaming experience, combining operational excellence in real-money gaming with best practices from leading mobile game publishers. Our firm’s thesis is deeply rooted in the belief that these industries will continue to converge, and that Midnite is best positioned to capitalize on this opportunity.

Anton Backman, General Partner at Play Ventures

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