- Midnite has received $16 million thanks to its latest funding round
- The company will use the money to scale its business and target younger audiences
- Raine Group, the lead investor, believes in Midnite’s vision and in its team’s ability to make it come true
Midnite has received $16 million from investors and will use the funding to expand its business and make it more appealing to younger audiences.
Midnite’s Funding Round Yields $16M
The British dedicated esports and sports betting platform Midnite has received $16 million in investments to improve its esports betting platform targeted towards Generation Z bettors.
The money will help Midnite to scale its business and improve the quality of its offerings. The company has an esports and sports betting platform that launched in 2020 that has been continuously improved over time. In 2021, Midnite released a CashMode app that allows players to bet on their own games. Its plans for the current year are to launch a hyper-casual casino offering called Arcade.
Nicholas Wright from Midnite spokes with GamesBeat, sharing that the company’s philosophy is to always keep on adding new things and improve. Wright believes that the customer always deserves the best.
Midnite Caters to the Bettors of Tomorrow
Midnite plans to focus more on targeting its betting offerings towards Generation Z bettors. Wright said that this is the niche that the company found for itself as it noticed none of the other operators spared much thought about “the fans of tomorrow.”
Wright added that gamers tend to be more sophisticated and HTML5 and Flash games just don’t cut it for them.
“These big betting companies are just marketing brands from yesterday, built for your dad and your grandpa. They’re not mobile-first or familiar with the Discord or Twitch generation.”
Midnite’s main application is available on the web and for iOS. It will soon launch an Android version as well. CashMode will soon release for iOS as well. After Arcade releases, Midnite has ideas for launching an NFT project but isn’t quite inclined to focus on blockchain as of now.
Raine Group is Glad to Support Midnite’s Endeavors
The funding round was led by The Raine Group, a global merchant bank dealing with technology, media and telecommunications. As a result, its co-founder, John Salter, will join Midnite’s board of directors while its managing director, Garrett Gomes, will become one of Midnite’s board observers.
Salter shared his opinion on Midnite, revealing that he has been impressed by its approach and vision:
“Their talented and dedicated team is passionate about changing the way fans experience the games they love, and we look forward to helping them create the next generation of sports betting.”
A few weeks ago Midnite added two social media specialists to its team as it seeks to expand its popularity. Following the funding round, the operator plans to expand its team even further.