London-based gaming operator Midnite has secured credit financing of up to $100 million to support its growth plans in the United Kingdom.
The revolving credit facility has been provided by Discerning Capital, a growth capital investment company that focuses on the gambling and gaming sectors, and PVX Capital, which focuses on user acquisition financing for consumer apps.
Discerning Capital also led Midnite’s Series B funding round in April this year.
Midnite said that by gaining access to user acquisition funding, it is now able to grow and simultaneously build a cash reserve to finance growth initiatives such as accelerated hiring and product development.
“This partnership allows us to triple down on both performance and brand marketing campaigns, while preserving cash for innovation and expansion,” said Midnite CEO Nicholas Wright.
“This arrangement also signifies the strength of the partnership Midnite has with Discerning Capital. The confidence the team has in what we are doing at Midnite allows us to strive for continued growth and execute our strategy to disrupt the gaming industry for good.”
Davis Catlin, managing partner at Discerning Capital, commented: “For too long, the growth trajectory of online wagering operators has been constrained by the limitations of traditional venture capital or credit, which is hard to obtain across the broader gaming ecosystem.
“By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or onerous repayment structures. This credit facility for Midnite sets a new benchmark for how ambitious firms in our sector can finance growth.”