Midnite raises £26m to expand internationally and develop in‑house sportsbook platform
This article covers Midnite, a London-based gaming startup, which has raised £26m ($35m) in a growth funding round to accelerate product development and international expansion. The funding will support hiring, product and engineering investment and international roll-outs as Midnite seeks to narrow the gap with the market’s largest operators.
Midnite, a London-based gaming startup, has raised £26m ($35m) in a growth funding round to accelerate product development and international expansion, marking a step up in backer confidence for challenger brands in the regulated betting market.
Why it matters
The raise gives Midnite fresh equity after the operator already secured a sizeable credit facility earlier this year, signalling an appetite among investors for firms combining sportsbook and casino offerings with in-house technology. For an industry under close regulatory scrutiny, the capital will fund hiring and product investment as Midnite seeks to narrow the gap with the market’s largest operators and expand beyond the UK and Ireland.
Inside the product
Midnite builds its sportsbook and casino platform in-house and says that strategy lets it iterate on product features and player experience more quickly than vendors-dependent operators. The business launched its sportsbook in 2018, added horse racing and casino in 2023, and expanded its headcount to around 150 employees in 2025. The company plans to keep engineering teams onshore in the UK while growing its product-led capability and customer-facing features such as social, rewards and live operations.
The approach explicitly blends real-money betting with mechanics adopted from mobile game publishers, reflecting a wider industry trend toward more engagement-driven products. Midnite holds licences from the Great Britain Gambling Commission and the Irish Revenue Commissioner, which will be relevant as it pursues international growth.
Who are the investors?
The round was led by Raine Partners IV, the Raine Group’s flagship growth equity fund, with participation from existing backers Play Ventures, Discerning Capital, Makers Fund and Big Bets. The new equity injection brings Midnite’s total equity raised to more than £55.8m ($75m). Separately, the company earlier secured a roughly £74.4m ($100m) credit facility to support marketing and growth initiatives.
In the announcement, John Salter, Co-Founder and Partner of Raine, said:
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.
In the announcement, Anton Backman, General Partner at Play Ventures, said:
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.
If you're researching potential backers in this space:
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Founder perspective
In the announcement, Nick Wright, co-founder of Midnite, said:
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.
Wright and co-founder Daniel Qu previously built daily fantasy sports platform Dribble in partnership with Sky Bet, a background the company cites as informing its product and operational approach. The funds are earmarked primarily for hiring product and engineering talent, scaling operations and supporting international roll-outs.
The bigger picture
The deal sits at the intersection of two trends: continued investor interest in gaming businesses that blend entertainment and wagering, and a push by UK-founded firms to develop proprietary tech stacks rather than relying on third-party platforms. For regulators and operators alike, that raises questions about product safety, responsible gambling measures and cross-border compliance as companies expand.
Midnite’s raise underlines that growth capital remains available in the UK gaming sector for companies with clear regulatory footing and product-driven strategies. The outcome will be watched by investors and competitors across the UK and Europe as incumbents and new entrants jostle over product-led user engagement and international market access.
They've invested in Midnite
Get to know these gaming investors
| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Raine Partners IV | 1 investment investment | more info | |||
 Play Ventures | 5 investments investments | 6 contacts contacts | |||
 Discerning Capital | 3 investments investments | more info | |||
 Makers Fund | 2 investments investments | more info | |||
 Big Bets | 2 investments investments | more info | |||
Raine (The Raine Group) | 3 investments investments | more info | |||
 Venrex | 11 investments investments | more info |
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