Midnite raises over $2.5 million in seed round

Esports betting platform Midnite has announced the closure of its seed funding round that saw it raise over $2.5 million (£1.9 million).

The round was led by Makers Fund, a venture capital firm that focuses on the “global interactive entertainment industry.”

Midnite Funding
Photo credit: Midnite

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Following this round, Midnite has raised $4.5 million (£3.4 million) since its inception. Previous investors in the platform include London-based firm Venrex Investment Management and executives from Betfair and GVC.

Nick Wright, CEO and Founder of Midnite commented on the platform’s current state in a release: “We have been in an Alpha for half a year now and are already seeing significant turnover. 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.”

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London-based 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.

It states that it is the only esports-dedicated betting operator that can take customers in the United Kingdom, making this funding round pivotal towards getting the finished product out there while it’s ahead of the competition.

Esports Insider says: Midnite, like many upcoming companies of a similar nature, have ambitions of being the first endemic betting operator to takeover the industry. Having a good team and ample funding should massively help to realise such a goal.