UK-based online betting and casino operator Midnite has raised $35 million in a Series C funding round as it aims to grow quickly in the regulated gambling market. The investment strengthens the company’s finances and shows confidence from both new and existing backers. The round was led by The Raine Group through its Raine Partners IV growth equity fund, which is known for supporting companies in entertainment, gaming, sports, music, and technology.

Several of Midnite’s current investors, including Big Bets, Discerning Capital, Makers Fund, and Play Ventures, also joined the round. With this latest funding, Midnite’s total equity investment has now passed $75 million, giving the company a stronger position to compete in the crowded UK market.

Backing Builds on Earlier Financial Support

The Series C funding follows a major financing deal Midnite secured last year. The company arranged a $100 million credit facility with House Advantage Fund and PvX Capital, aimed at supporting marketing efforts and broader business growth plans.

Midnite has maintained steady funding over the past few years. In April last year, it raised $10 million in a Series B round to support product development and user growth, with House Advantage Fund, formed by Discerning Capital, taking part. This consistent backing has allowed Midnite to enter a new growth phase while keeping stability across its investor base.

Ambition to Challenge Leading Operators

Midnite’s leadership says the new funding will let the company move faster and aim higher. Co-founder Nick Wright explained the impact, saying: “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.”

The company believes the timing is right to expand as competition among UK-facing sportsbook and casino platforms grows. The investment gives Midnite more space to innovate, invest, and close the gap with larger, more established operators.

Focus on Technology, Talent and Expansion

According to Midnite, the Series C funds will mainly be used to scale operations and speed up product development. The company also plans to prepare for international expansion while relying on its own technology platform to support long-term growth.

Most of the funding will go to hiring product and engineering staff in the UK to strengthen its teams. Founded in 2018 by Nick Wright and Daniel Qu, Midnite started as a sportsbook and added horse racing and casino products in 2023. With 150 employees, the company plans to use the new funds to grow, develop products faster, and expand internationally, aiming to become a major and trusted player in regulated online gambling.