- Previous backers Makers Fund and Venrex up investment
- Funds to go towards platform and new feature development
London-based esports betting startup Midnite has raised US$16 million in a Series A funding round led by the Raine Group investment firm.
The Raine Group’s co-founder and partner John Salter will join Midnite’s board of directors, and managing director Garrett Gomes will become a board observer. The new arrivals join Midnite founders Nicholas Wright and Daniel Qu in the company’s leadership team.
Wright and Qu, who previously founded fantasy sports platform Dribble, first launched Midnite in 2018, developing the platform alongside UK betting operator SkyBet.
The latest funding round also saw previous backers, including the Makers Fund and Venrex, increase their investments.
The new funding will allow Midnite to develop the sportsbook it launched in 2020, specifically the CashMode feature which enables users to place wagers on their own gameplay and a gamer-centric casino feature which is set to launch in 2022.
Midnite offers gamers the opportunity to place bets on some of the world’s most popular esports events including FIFA competitions, as well as Call of Duty and League of Legends tournaments. The startup is officially licensed by the British Gambling Commission (BGC), and is aiming to operate in Malta pending the approval of the country’s Gaming Authority.
The betting platform recently launched in Brazil and has stated an aim to go live in the Mexican market ‘soon’.
“We pride ourselves on leveraging the best forms of technology, fan-centric features, and in-house models to offer next level experiences to our users,” said Wright.
“We’re thrilled to be partnering with Raine, one of the most successful investors in gaming, as we seek to expand globally. Raine’s funding, as well as its strong relationships in the gaming industry, will be extremely valuable to us as we move forward with our strategic goals as the esports market continues to rapidly grow.”
Salter added: “Midnite employs a product-first growth mentality, and we have been impressed by its founders and fully believe in their vision for the company.”
“Their talented and dedicated team is passionate about changing the way fans experience the games they love, and we look forward to helping them create the next generation of sports betting.”