Midnite, a licensed esports betting platform, has raised $16m in a Series A funding round led by the Raine Group, a leading global merchant bank focused exclusively on technology, media and telecommunications.
As part of the round, existing investors increased their investment in Midnite. Notable previous backers of Midnite include Makers Fund and Venrex. 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. Raine’s investment is a part of its dedicated gaming investment platform.
The proceeds from this will be used to fund Midnite’s growth initiatives as the operator looks to expand its existing sportsbook and CashMode skill-gaming products, as well as enter the online casino vertical later this year.
“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. 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,” Nicholas Wright, founder of Midnite, said.
“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,” Mr. Salter said.