Midnite raises $16M for Gen Z-focused esports betting apps
Midnite has raised $16 million to create a licensed esports betting platform in markets that allow it.
The Raine Group, a global merchant bank focused exclusively on technology, media and telecommunications, led the round. As part of the round, existing investors increased their investment in London-based Midnite.
The Raine Group’s cofounder and partner John Salter will join Midnite’s board and managing director Garrett Gomes will become a board observer. Raine’s investment is a part of its dedicated gaming investment platform.
Proceeds from this round will be used to help fund Midnite’s growth initiatives as the company supercharges its product platform.
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So far, that includes Sportsbook, launched in 2020, which lets users wager on esports and traditional sports. It also includes CashMode, launched in 2021, to provide skilled gamers the chance to bet on their own gameplay for real cash prizes. And it has an upcoming product dubbed Arcade – launching in 2022 — that offers users a hypercasual casino and minigames experience with a user interface and features designed specifically for gamers.
“We have a super simple UX, we’re constantly shipping new features, upgrades and content to improve the product and we have the mentality that we’re never finished and that’s what the customer deserves,” said Nicholas Wright of Midnite, in an interview with GamesBeat.
He said the company is targeting Generation Z players.
“Midnite employs a product-first growth mentality, and we have been impressed by its founders and fully believe in their vision for the company,” said Salter, in a statement. “Their talented and dedicated team is passionate about changing
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