This week: Midnite raises $35M Series C

Also: Former Ryder Cup analyst raises €700K for golf analytics, and Yolo Investments teases a new $500M fund in the making.

Author

Cody Luongo
January 15, 2026

Midnite raises $35M Series C led by The Raine Group

The news: Midnite has raised $35M in Series C funding led by The Raine Group, with participation from existing backers Play Ventures, Discerning Capital, Makers Fund, and Big Bets. The round brings the UK sportsbook and casino operator’s total equity funding to more than $75M. The news follows a $100M credit facility Midnite secured in October to fuel marketing and growth.

Zoom in: The capital will be used to scale operations, expand Midnite’s product and engineering teams, and support international expansion. The company is doubling down on its in-house technology stack, keeping all engineering onshore in the UK while hiring senior product talent. Founded in 2018, Midnite added horse racing and casino in 2023 and grew rapidly in 2025, reaching roughly 150 employees.

Why it matters: In a market where investor appetite for regulated sportsbook operators has cooled, Midnite continues to attract capital through product-led differentiation. The combination of fresh equity and non-dilutive financing gives the company more flexibility to invest long-term without chasing short-term acquisition metrics. Anton Backman, General Partner at Play Ventures, said Midnite is “a true first-mover in building social, rewards and live operations at the core of the gaming experience,” and that the operator is “best positioned to capitalize on this opportunity.”

Former Ryder Cup analyst raises €700K for advanced golf analytics

The news: QSD (Quantum Sports Data) has raised €700,000 in fresh funding to expand into the U.S. sports betting market, bringing its total capital raised to over €1M. The round was led by SportsContentCo, with participation from Sligo Graph Drawing Aids Limited. QSD was founded in 2024 by former quant trader Dylan Beirne who had previously advised the European Ryder Cup team.

Zoom in: QSD has built advanced analytics tools originally designed for professional golfers, which it now plans to sell to gambling companies. SportsContentCo chairman Pat Deon told Business Post that Beirne’s company has “built a truly differentiated golf betting product.” Beirne said that the U.S. investor was an ideal partner, adding: “They have really strong relationships in the US in the sports betting arena and their licensing in the US opens a lot of doors for us as well.” The Dublin-based startup will continue to specialize in Golf, but suggested they are considering expansions into football, basketball, and other sports as well.

Why it matters: Golf has become an increasingly data-rich sport, but much of that analysis has historically lived inside elite performance and coaching environments rather than betting products. Beirne told Business Post there is “a lot of room for improvement in the golf market,” and equally “a lot of opportunity there in terms of the markets and the potential of what can be done.” The funding gives the company runway to focus on golf first, while laying the groundwork to expand its predictive models into other sports over time.

Sponsored by NEXT

The news: BettingStartups is partnering with NEXT.io for NEXT Summit: New York, bringing startup and early-stage innovation front and center at one of the industry’s most important U.S. events. The partnership spans NEXT Focus: Emerging Verticals (March 9) and the full Summit (March 10–11), with a shared goal of elevating new ideas across betting, gaming, and adjacent formats.

Why it matters: For founders, distribution and visibility are everything—and this partnership is about creating a real platform to be seen, heard, and connected early. NEXT Summit: New York brings together operators, investors, and decision-makers at scale, while BettingStartups ensures startup voices don’t get lost in the noise. 

Use code BETTINGSTARTUPS10 at checkout to get 10% off your full event pass.

Yolo outlines 2026 priorities, plans for $500M fund in annual letter

The news: Yolo Investments published an annual letter on Wednesday, with Managing Director Evert Einroos detailing 2025 fund activity and priorities for 2026. The firm confirmed it closed its €100M Fund II midway through the year despite headwinds across fintech- and gaming-focused venture capital. The letter also reiterates Yolo’s long-standing focus on backing founders through capital and its operating network.

Zoom in: Fund II deployed across 12 companies spanning iGaming, blockchain, and fintech, including a follow-on investment in Mesh’s $82M Series B and a $240M exit via CoinMENA’s acquisition by Paribu. Additional portfolio milestones included M&A activity at Syfe, geographic expansion at Dabble, a Latin America fintech investment in Digitt, and a $39M round at Pave Bank led by Accel. By year-end, Yolo made its first distributions to LPs, driven by the CoinMENA exit.

Why it matters: With global venture liquidity still constrained, Yolo says the firm is prioritizing DPI and positioning portfolio companies for realizable exits rather than markups. Fund II is now almost fully deployed, with three remaining deals expected in H1 2026, while preparations are underway for a $500M Fund III anchored in Abu Dhabi and focused on later-stage growth investments. As the letter notes, “markets will ebb and flow,” but “these relationships we continue to build will always be our edge.”

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