Midnite Raises £7.7m in Series B Funding to Disrupt UK Betting Market
Deal News | Apr 15, 2025 | Business Cloud
Midnite, a sportsbook and casino company based in London, has successfully raised £7.7 million in a Series B funding round, which was led by investors Discerning Capital, the Raine Group, and Play Ventures. This new capital injection brings Midnite's total fundraising to over £26 million. David Williams from Discerning Capital is set to join Midnite's board of directors. The company is also strengthening its market position by becoming the official UK betting and casino partner of the 2025 World Snooker Championship. Midnite aims to disrupt the UK betting market with its unique approach and continued growth is evidenced by an increase in workforce from 60 to 110 over the past year, alongside a launch of its first TV advertising campaign. Nick Wright, co-founder of Midnite, expressed enthusiasm for the investor support, highlighting that the funds will be used to accelerate growth and continue developing innovative products.
Sectors
- Gaming and Gambling
- Venture Capital
Geography
- United Kingdom – Midnite is based in London, and the funding round aims to disrupt the UK betting market.
Industry
- Gaming and Gambling – This industry is relevant as Midnite operates within the UK betting market, providing sportsbook and casino services.
- Venture Capital – Venture Capital is relevant because the article discusses a funding round led by various venture capital firms investing in Midnite.
Financials
- 7.7 million GBP – The amount raised in Midnite's Series B funding round.
- 26 million GBP – The total capital Midnite has raised to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Midnite | Target Company | Company | A London-based sportsbook and casino aiming to disrupt the UK betting market. |
| Discerning Capital | Investor | Company | A venture capital firm leading the Series B funding round for Midnite. |
| The Raine Group | Investor | Company | A global merchant bank investing in the media, entertainment, and sports sectors. |
| Play Ventures | Investor | Company | A venture capital firm focused on investing in the gaming industry. |
| David Williams | Board Member | Person | Partner at Discerning Capital who joined Midnite's board of directors. |
| Nick Wright | Co-Founder | Person | Co-founder of Midnite who commented on the investment and future strategy. |