Esports betting operator Midnite has completed its series A funding round led by The Raine Group, raising $16m (£11.8m/€14.1m).
As part of the round a number of existing investors upped their investments in Midnite, which was founded in 2018.
Raine has previously conducted early investments in DraftKings, Jackpocket and Mythical Games among others.
In addition John Salter, co-founder and partner of Raine, will join Midnite’s board of directors. Raine director Garrett Gomes will also join Midnite as the operator’s board observer.
Proceeds from this round will be used to fund Midnite’s casino games launch, which is set to take place in 2022.
“We pride ourselves on leveraging the best forms of technology, fan-centric features, and in-house models to offer next level experiences to our users,” said Nicholas Wright of Midnite.
“We’re thrilled to be partnering with Raine, one of the most successful investors in gaming, as we seek to expand globally. Raine’s funding, as well as its strong relationships in the gaming industry, will be extremely valuable to us as we move forward with our strategic goals as the esports market continues to rapidly grow.”
