Midnite raises $35m in Series C funding round led by Raine

Midnite has completed a $35 million Series C financing round led by Raine Partners IV, the flagship growth equity fund of The Raine Group, the company said.

Existing investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated in the round, taking Midnite’s total equity funding to more than $75 million. The announcement follows a $100 million credit facility secured earlier this year to fund marketing and growth initiatives.

Midnite said the new capital will be used to scale operations, accelerate product development and support international expansion.

A majority of the funding will be directed towards growing the company’s workforce and strengthening its product-led strategy, with all engineering teams remaining based in the UK.

Nick Wright, co-founder of Midnite, said the backing reflected investor confidence in the company’s product-first approach.

He said the funding would allow the business to accelerate its growth strategy as it targets tier-one operator status, with continued investment in its product and engineering teams.

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John Salter, co-founder and partner at Raine, said the firm was pleased to deepen its relationship with Midnite, citing the company’s clear vision and focus on product innovation as key drivers of its growth potential.

Midnite launched its sportsbook in 2018, expanded into horse racing and casino products in 2023, and grew its workforce to around 150 employees during a growth phase in 2025, the company said.

The Recap

• Midnite raised thirty-five million dollars in a Series C round.
• Total equity funding now exceeds seventy-five million dollars.
• Company plans to expand product team and hire leading talent.