UK-based sportsbook and casino operator Midnite has raised 30 million euros in a Series C funding round to expand its operations, accelerate product development, and support international growth.
The round values the company as it moves into a more mature scaling phase within the competitive gaming market.
The financing was led by Raine Partners IV, the growth equity fund of The Raine Group, with participation from existing investors Play Ventures, Discerning Capital, Makers Fund, and Big Bets.
Funding context and capital structure
With the latest raise, Midnite’s total equity funding now exceeds 64 million euros. Earlier this year, the company also secured an 86 million euro credit facility to strengthen its marketing capabilities and support continued expansion.
The Series C round positions Midnite among the better-capitalised operators in the European gaming sector, particularly when compared with earlier-stage competitors raising smaller growth rounds.
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Product-led growth strategy
Midnite’s leadership attributes its progress to a strong focus on product development rather than aggressive short-term marketing. According to co-founder Nick Wright, the new capital will be used to accelerate the company’s growth ambitions and push toward tier-one operator status.
A significant portion of the funding is expected to be invested in expanding the product and engineering teams, with the goal of building a challenger platform designed for a new generation of players.
Investor perspective
Raine Partners highlighted Midnite’s product vision and execution as key drivers behind the investment. The fund sees the company as well positioned to scale its platform while continuing to innovate across sportsbook and casino offerings.
Existing investors echoed this view, pointing to Midnite’s approach of combining real-money gaming operations with design and engagement principles drawn from the broader games industry.
Building in-house and scaling from the UK
Founded in 2015, Midnite has developed its sportsbook and casino technology entirely in-house, enabling tighter control over the user experience and faster iteration cycles. The company plans to keep its engineering teams based in the UK, continuing to invest in local talent as it grows.
Midnite launched its sportsbook in 2018 and expanded into horse racing and casino products in 2023. By 2025, the company had entered a broader growth phase, increasing its workforce to around 150 employees and preparing for further international expansion.
