London-based esports start-up Midnite (midnite.com) has raised $2.4 million in venture funding to help accelerate the development of its wagering capacities.
The funding round was led by Makers Fund, a VC firm specialising in interactive gaming and entertainment investments.
Founded by the enterprise team of Nick Wright (CEO) and Daniel Qu, Midnite’s seeks to advance esports wagering beyond becoming ‘just another tab’ on bookmakers’ platforms.
To date, Wright and Qu have raised a reported $4.5 million in enterprise funding, having been backed by UK VC Venrex Investments alongside executives of Betfair and GVC Holdings.
Midnite joins the ranks of Ukraine’s GG.Bet and Isle of Man-based Luckbox, seeking to become the specialised betting platform which breaks an esports wagering market estimated to exceed $1.2 billion by the end of 2020.
The London start-up launched its initial wagering platform in private beta last April, allowing for betting markets on Counter-Strike: Global Offensive, League of Legends, and Dota 2.
A confident Nick Wright, CEO & Founder of Midnite, commented on the start-up’s ambitions: “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.”
Wright underlines that at present Midnite operates as the ‘only esports-dedicated betting operator’ that can accept customers from the UK, and is assessing launching in new jurisdictions having secured its vital funding round.