Novig Raises $75 Million in Series B Funding Round

Novig is adding fresh capital as it works toward a regulated prediction market model tied closely to sports trading. The new funding comes during a period of rapid growth and ongoing regulatory engagement in the United States.

Good to Know

• Series B round raised $75 million led by Pantera Capital.
• Total capital secured in less than a year now exceeds $105 million.
• Platform reported tenfold trading volume growth during 2025 with annualized volume reaching $4 billion.

Founded in 2021 by Jacob Fortinsky and Kelechi Ukah, Novig positions itself as a peer to peer sports trading exchange rather than a traditional sportsbook. Multicoin Capital, Makers Fund, and Edge Equity joined the latest round, adding to an earlier $18 million raise in September 2025 backed by Forerunner, Perceptive Ventures, and NFX.

“We chose to partner with the best crypto venture firms in the world to further accelerate our plans to make Novig the most efficient and liquid sports prediction market in the world,” said Fortinsky, who also serves as chief executive officer. “Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”

Regulatory approval remains central to long term strategy. Novig is seeking Designated Contract Market status from the Commodity Futures Trading Commission, the federal body overseeing prediction markets and event based derivatives. Approval would allow nationwide reach, potentially opening access across all 50 states depending on outcomes of legal disputes in places such as Nevada and Massachusetts.

Rapid scaling has helped attract investor attention. Trading activity expanded sharply during the past two years, supported by availability in more than 35 states. Earlier operations covered additional jurisdictions before several lawmakers restricted sweepstakes style gaming models, pushing companies in the sector to reassess structure and compliance pathways.

Capital from the Series B round is earmarked for product development, market infrastructure, and technology designed to merge sports engagement with financial style trading mechanics. Leadership aims to create deeper liquidity and pricing efficiency similar to an exchange environment rather than a bookmaker framework.

“Novig combines the cultural heartbeat of sports with the transparency and efficiency of prediction markets,” Ukah, chief technology officer, said. “Most prediction market volume today is on sports, yet those platforms weren’t built with sports or sports bettors in mind. We are delivering a better exchange that is built by sports traders, for sports traders.”

Current platform operates under a sweepstakes structure while offering spreads, moneylines, totals, and proposition markets through user to user matching without commission fees. That exchange driven format gives Novig a foundation that could transition quickly into a fully regulated prediction market if federal authorization arrives.

Competitive positioning places Novig alongside other entrants exploring regulated event contracts tied to sports outcomes, including Kalshi, Polymarket, DraftKings Predictions, and FanDuel Predicts. Market participants across fintech, crypto, and gaming continue testing how prediction markets can intersect with sports analytics, trading behavior, and regulated derivatives infrastructure.