Midnite Secures $110M in Funding and Financing for UK iGaming Expansion
Midnite, a UK-based sportsbook and casino, has secured a significant boost in funding and financing. The company recently closed a $10m Series B funding round and received a $100m credit financing deal with Capital One, setting a new benchmark for the online wagering sector.
The Series B round was led by Discerning Capital, Raine Group, and Play Ventures, with Discerning Capital also playing a key role in the credit financing deal alongside PvX Capital and House Advantage Fund (HAF). This brings Midnite's total capital raised to over $35m.
Midnite's CEO, Nicholas Wright, expressed gratitude for the partnership, stating it enables the company to invest in marketing campaigns and expansion while preserving cash for innovation. The funding will be used for user acquisition, cash reserves for non-marketing investments, and growth initiatives such as hiring and product development. The company's team has already grown from 60 to 150 in the past 12 months.
Davis Catlin, Managing Partner at Discerning Capital, commented that the credit facility sets a new benchmark for financing growth in the online wagering sector. This facility allows Midnite to grow without unnecessary dilution and removes traditional financial constraints in the gaming industry. Midnite launched its sportsbook in 2018 and has since expanded its product mix to include horse racing and casino games in 2023.
With the recent funding and financing deals, Midnite is well-positioned to continue its growth and expansion in the UK iGaming market. The company's strategic use of funds and innovative approach to financing set it apart in the competitive online wagering sector.
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