Novig is a commission-free, peer-to-peer sports prediction market that this week announced a $75 million Series B financing round led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, Forerunner, Perceptive Ventures, and NFX. The new raise brings total funding to more than $105 million and is intended to scale what the company positions as a more efficient, liquid, and fair alternative to traditional sportsbooks.
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Novig differentiates itself by operating an order-book exchange model that matches users directly against each other, eliminating the house “vig,” hidden fees, and limits commonly imposed on successful traders. Citing internal metrics, the company says 23% of its users are profitable compared with about 2% on conventional platforms, arguing this reflects a structurally different market design rather than promotional generosity.
The company has formally applied to the U.S. Commodity Futures Trading Commission for Designated Contract Market status, seeking a regulatory framework that would allow it to operate across all 50 states. If approved, this DCM license would give Novig a federally regulated foundation and could significantly expand its addressable market, though timing and outcome of the review remain uncertain.
Novig reported strong operating momentum, including a 10x increase in trading volume in 2025 with annualized activity now above $4 billion, and record engagement around a recent major sporting event. Around that “big game,” trading volume rose roughly 4x year over year and active traders increased 4.25x, with users collectively saving about $200,000 in fees versus traditional sportsbook models.
Management, led by co-founder and CEO Jacob Fortinsky and co-founder and CTO Kelechi Ukah, plans to use the new capital to expand markets, deepen liquidity, and build advanced trading tools inspired by traditional financial exchanges. Headcount has grown to more than 50 employees as Novig invests in technology, market infrastructure, and institutional liquidity to support tighter spreads and higher throughput.
Backers view Novig as an emerging infrastructure player at the intersection of sports betting, prediction markets, and financial technology, supported by growing user adoption and regulatory ambitions. While execution and regulatory risks remain material, this week’s funding and growth disclosures point to a company accelerating its push toward a nationwide sports trading exchange model.