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Midnite clears its Series-B funding round to turbocharge its hyper-growth strategy, targeting UK audiences as online gambling’s best value challenger brand…
Midnite has bolstered its ambitions to become the UK’s most disruptive online gambling venture by completing a successful Series B funding round.
Announced this morning, Midnite extends its ‘hyper-growth stage’ by raising $10m (£8m) in venture capital. The Series B funding round is backed by the investor portfolio of Raine Group, Play Ventures, and Discerning Capital.
With continued support from early venture backers Venrex and Big Bets, Midnite’s total capital funding now stands at $35m to date.
The round concluded with the announcement that Discerning Capital partner, David Williams, will join Midnite’s board of directors.
Backing Midnite, Williams said: “As investors focused on the global gaming industry, we are incredibly excited to partner with the Midnite team, who have built one of the most compelling challenger brands anywhere in the world.
“The company’s continued growth and marketing efficiency validate its unique positioning in its home market of the UK and its broader status as a best-in-class emerging operator globally.”
Midnite was founded in 2018 by Nick Wright and Daniel Qu, the entrepreneurial duo who previously created the daily fantasy sports platform Dribble in partnership with Sky Bet.
Wright and Qu designed Midnite to be the challenger sportsbook and casino brand for new iGaming audiences in the UK and beyond. The venture has grown to a headcount of over 110 staff in the past 12 months.
2025 is set to be a critical year for Midnite, during which it aims to expand its brand exposure and iGaming platform in the UK. This initiative saw the launch of its first nationwide TV advertising campaign across Sky, Channel 4 and 5, covering both linear TV and streaming platforms.
Co-founder Wright said: “We’re thrilled to have the support of some of the best investors in gaming. This capital enables us to hit the gas and accelerate our growth strategy while continuing to build game-changing products.
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. We have product foundations and velocity that no operator has in the UK market.
Our goal is to disrupt the UK betting market and become a tier-one operator with a challenger brand platform for a new generation of players. With this backing, we can move faster, be bolder, and continue to bring fresh, exciting experiences to the market.”
