Leveraging the hype around prediction market platforms Polymarket and Kalshi, a US-based sports exchange, Novig, has revealed it raised $75m through a Series B funding round.
Pantera Capital led the funding round announced on Wednesday, with other notable investors including Edge Equity, Makers Fund, and Perspective Ventures. It adds to the $18m raised in a Series A round in August 2025.
Novig’s original intention was to apply for state-by-state sports betting licenses and then to adopt a sweepstakes model. It is now seeking CFTC approval to roll out prediction markets in every US state.
100,000+ user base and $4bn in annual trading volume
Novig’s 100,000+ user base and $4bn in annual trading volume last year were ten times higher than in 2024. The difference in its business model compared to Kalshi and Polymarket is that users don’t pay commissions on their trades. Pantera Capital Managing Partner Paul Veradittakit believes this approach is a game changer for sports betting, eliminating the “exploitative middleman.”
Novig co-Founder Jacob Fortinsky believes the platform brings together the “best aspects of traditional sports betting and modern finance exchanges.” The company’s big claim on its website is that 23% of its users are profitable, compared to 2% at regular sportsbooks.
While the $75m raised in the Series B is impressive, it’s still quite a way off the $1bn Kalshi raised in November at an $11bn valuation.
