Novig Raises $75M to Scale US Sports Prediction Platform
Nigerian-founded prediction market platform Novig secured $75 million in Series B funding led by Pantera Capital, valuing the company at $500 million. The funding aims to expand its peer-to-peer sports betting exchange across the United States, targeting brand recognition gaps with larger rivals. Co-founder Jacob Fortinsky stated the company plans to generate revenue by charging institutional traders and liquidity providers once monthly trading volume reaches $1 billion (currently $300 million). The platform currently operates under a sweepstakes model in multiple states, having previously secured a Colorado license before regulatory challenges. Novig has grown its team from 14 to 50 employees in the past year and remains optimistic about federal approval from the Commodity Futures Trading Commission to operate nationwide. The broader prediction market sector has seen explosive growth, with competitors like Kalshi and Polymarket valued at $11 billion and $9 billion respectively.