The signs at the British eSports betting provider Midnite point to expansion. The bookmaker closed its latest round of financing a few days ago, raising a very respectable $16 million. We have the information for you in the news.
Series A financing of The Raine Group
Midnite has approached new and old investors in the course of the funding round. Several, existing partners have increased their financial commitments to the betting provider. The investments were handled by The Raine Group, which at the same time joined Midnite itself.
The financial company is one of the most renowned investors in the gaming and betting scene. The Raine Group had already made investments in DraftKings, Jackpocket and Mythical Games in the past months. The Raine is not only known as a financial partner, but also accompanies all investments in an advisory capacity. It is a good standard that key positions in the new partner companies are filled with own personnel. John Salter, co-founder and partner of Raine, will join Midnite’s board of directors. Raine boss Garrett Gomes will be given a position as an outside consultant and observer.
Midnite: betting provider since 2018
What’s going to happen with the new money? Midnite has a clear business plan. In 2022, its own gambling offering is to be expanded to include a casino area. Furthermore, global expansion is planned. So far, Midnite has focused exclusively on the domestic, British market.
The eSports specialist has been on the market since 2018. The eSports betting is the main business segment, but not the only one. You can also place classic sports bets at Midnite. Furthermore, Midnite has a cash mode sector on board, on which you can try out various eGames yourself. You can earn real money winnings with Counter Strike, League of Legends or Call of Duty. The online provider operates with a license from the British Gambling Commission.
As it expands, Midnite will seek further, international licenses. With the financial backing of The Raine Group behind it, the licensing process may become a formality. The website is backed by Dribble Media Limited, which is a member of IBAS and works with GamCare, Gam-Stop and BeGambleAware on player protection.
Nicholas Wright of Midnite currently has every reason to be visually optimistic about the future of his betting company.
“We pride ourselves on using the best forms of technology, fan-centric features and internal models to deliver next-level experiences to our users. We are very excited to partner with Raine, one of the most successful investors in gaming, as we look to expand globally. Raine’s funding, as well as its strong relationships in the gaming industry, will be extremely valuable to us as we advance our strategic goals as the eSports market continues to grow rapidly,” Nicholas Wright said in the official Midnite statement.
Information on The Raine Group
The financial services firm specializes in growth and venture capital. Its investments are almost exclusively in IT or online companies. The Raine Group manages over four billion dollars in current assets. The firm operates globally with offices in New York City, San Francisco, Los Angeles, London, Mumbai, Paris and Shanghai. The financial holding company is a registered broker-dealer (FINRA BrokerCheck) with the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org) and the Securities Investor Protection Corporation (www.sipc.org).