London-based esports betting startup, Midnite has raised $16m in a Series A funding round led by the Raine Group investment firm.
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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.
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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.
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