Midnite scores $2.5m funding for esports betting app

Ben Heathcote

In App Deals. January 13, 2020

Midnite, the fast-growing esports betting platform, has secured an investment of $2.5 million. The funding is led by gaming-focused enterprise agency Makers Fund.

Since being established in 2016, the London-based startup has raised a total of $4.5 million and attracted an impressive list of investors, including Venrex Investment Management, GVC and Betfair.

“We have been in an Alpha for half a year now and are already seeing significant turnover,” said CEO and founder Nick Wright.

“We are building everything in-house and are keen to offer the best experience for esports fans in the market. Customers have been loving the platform and we in turn are fine-tuning the product specifically for them.

“Every day, our waitlist for access keeps growing and we are extremely pleased with the way the product been received so far.”

Midnite launched its private alpha in April last year and states that Counter-Strike: Global Offensive, League of Legends and Dota 2 are the most popular titles on its platform.

The company says esports betting is expected to exceed $12 billion by the end of 2020.