Esports betting platform Midnite has announced the closing of a $16m (~£11.78m) Series A funding round led by The Raine Group, a company that has previously invested in DraftKings.

The round was also supported by previous investors in Midnite, such as Makers Fund and Venrex.

Midnite announces $16m Series A funding round, Nexus Gaming LLC
(ESI Illustration) Image credit: Midnite

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As a result of the funding, The Raine Group’s Co-Founder and Partner John Salter will join Midnite’s Board of Directors. Moreover, the company’s Managing Director Garrett Gomes will become a Board Observer.

Midnite announced that the proceeds from this round will be used to fund the company’s growth initiatives. Midnite currently offers betting services for sports and esports through its sportsbook section, as well as a platform for players to bet on their own gameplay called CashMode.

The esports betting platform also announced a casino app, set to be launched in 2022, with ‘UI and features designed specifically for gamers’. 

The company is currently licensed with the British Gambling Commission and is waiting for a license from the Malta Gaming Authority.

Nicholas Wright, the founder of Midnite, said: “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.”

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Midnite has partnered with a number of esports and gaming companies in the past. The company is a partner of CoD League franchise London Royal Ravens, as well as a partner of esports news outlet Esports.gg. Prior to the Series A round, the company raised over $2.5m in a seed round in 2020. 

Esports Insider says: Midnite is a growing sports and esports betting company, and a lucrative funding round will be used to further grow operations outside of the UK. The company had a soft launch in Latin America last year, and we can expect more similar news in the future. 

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