London-based esports betting startup, Midnite has raised $16m in a Series A funding round led by the Raine Group investment firm.
The Raine Group’s co-founder and partner, John Salter will join Midnite’s board of directors, and managing director Garrett Gomes will become a board observer.
The latest funding round also saw previous backers, including the Makers Fund and Venrex, increase their investments.
The new funding will allow Midnite to develop the sportsbook it launched in 2020, specifically the CashMode feature which enables users to place wagers on their own gameplay and a gamer-centric casino feature which is set to launch in 2022.
