UK sports betting and online casino operator Midnite closed a series B funding round, raising $10 million (£7.7 million) amid its consumer awareness push in the UK.
The funding round was led by a trio of major investors, including the online gambling private equity fund Discerning Capital, the Raine Group advisory and investment firm, and the igaming venture capital vehicle Play Ventures.
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Discerning Capital partner David Williams has also been appointed to the board of directors at Midnite following the investment.
In closing the series B funding round, Midnite has now secured in excess of $35 million in investment.
Further participation in the round came from tech capital fund Venrex and gambling firm Big Bets.
Earlier in April, Midnite secured its first major sports sponsorship, partnering with the elite World Snooker Tour (WST) to cover its annual World Snooker Championship.
Speaking to Sportcal (GlobalData Sport) at the time of that announcement, Midnite vice president for growth Jonathan Shaw explained the value of the upstart brand’s offering, saying: “The majority of the established [sports betting] operators are white labels and are using pretty much the same underlying technology, with a different website on the front. We've built the entire [Midnite] platform ourselves, and that will set us apart from our competition.”
Highlighting the future agility of Midnite’s offering, he added: “We want to build a market redefining business essentially, and the technology platform that that we built will give us the platform to be able to do that. The innovation hasn't arrived yet because it's complicated, and it takes time to build, [but] within the next year, that's where we will be set apart. We have the platform to be able to innovate, which a lot of those established brands are unable to do because they're using third-party technologies.”
This sentiment was echoed by Midnite co-founder Nick Wright when speaking on the series B funding round, saying: ““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. We have product foundations and velocity that no operator has in the UK market.
“Our goal is to disrupt the UK betting market and become a tier-1 operator with a challenger brand platform for a new generation of players. With this backing, we can move faster, be bolder, and continue to bring fresh, exciting experiences to the market.”
