Novig has secured $75m (£55.6m) via a Series B funding round led by US institutional asset manager Pantera Capital, with the funds to be used to inject “more institutional liquidity” into its prediction markets platform.
The founder-led business raised more than $105m to date after the latest round, which also featured backing from Multicoin Capital, Makers Fund and Edge Equity.
Existing investors Forerunner, Perceptive Ventures and NFX also participated in the Series B.
Novig said the capital would be used to “deepen product innovation and growth loops”.
The operator has expanded its headcount to more than 50 staff ahead of the planned scaling.
The latest raise comes after Novig reported a 10x increase in trading volume in 2025, with annualised trading volume now above $4bn.
Last month, Novig applied to the Commodity Futures Trading Commission (CFTC) to become a designated contract market (DCM).
Founded in 2021 by Harvard grads Jacob Fortinsky and Kelechi Ukah, Novig started life as a sports betting app in Colorado with plans to launch a betting exchange.
A shift into sweepstakes followed, with prediction markets now on the table. In August 2025, Novig announced the close of a Series A funding round, which raised $18m.
Jacob Fortinsky, Novig CEO, said: “Our mission is to democratise and financialise sports markets and we’re proud of the fact Novig users are 10 times more likely to win than on traditional sportsbooks.
“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.
“Others are using prediction market technology to financialise new markets with unproven demand. We leverage it to fix broken markets where demand already exists.”
Paul Veradittakit, Pantera Capital managing partner, added: “Novig is proving prediction markets can fundamentally reshape sports betting by removing the exploitative middleman.
“Their peer-to-peer exchange delivers what traditional sportsbooks can’t: better odds, fairer market structure, and alignment between platform success and user profitability.
Fellow sweepstakes-based exchange ProphetX has also filed an application with the CFTC to become a federally licensed DCM.
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The post Novig announces $75m raise in Series B funding round first appeared on EGR Intel.
Sweepstakes-based firm to add more liquidity and hire additional staff to power prediction markets offering following latest capital raise
The post Novig announces $75m raise in Series B funding round first appeared on EGR Intel.