Novig Secures $75M in Series B Funding Round

Novig, a fast-growing sports trading platform designed with the sports fan in mind, announced the closure of a Pantera Capital-led Series B funding round. The extra money will allow Novig to grow its platform and introduce improvements that set it apart from the competition.

The Company Secured $75M to Grow Its Predictions Platform

In its announcement, Novig confirmed that the funding round netted it some $75 million. It was led by Pantera Capital and supported by Edge Equity, Makers Fund, and Multicoin Capital, in addition to participation from existing investors, such as Forerunner, Perceptive Ventures, and NFX.

With the conclusion of this funding round, the company’s total capital raised has now reached over $105 million. Novig plans to use the money to improve its sports predictions platform and expand its presence in the US.

Novig’s platform differs from traditional prediction markets due to the fact that it is designed with sports fans in mind. As a result, it offers a similar peer-to-peer predictions model while leveraging significant understanding of the sports ecosystem to appeal to the sports fanbase.

With prediction markets cementing themselves as a strong alternative to sportsbooks, Novig hopes to channel even more fans toward its platform. The company has already submitted an application for a Designated Contract Market license from the CFTC and is optimistic about the future of its business.

Novig Is Building a Player-First Market

Jacob Fortinsky, Novig’s co-founder & CEO commented on his team’s vision, saying that Novig is on a mission to “democratize and financialize sports markets.” His platform, like other prediction markets, employs a peer-to-peer approach instead of a system where players bet against a house. This peer-to-peer model allows Novig to eliminate unfair odds, punitive limits on good players, and other things sports fans have continuously critiqued in traditional sportsbooks.

Fortinsky said that his team has chosen to partner with the industry’s top crypto venture firms in order to accelerate Novig’s growth and cement it as a leading sports prediction market.

Others are using prediction market technology to financialize new markets with unproven demand. We leverage it to fix broken markets where demand already exists.

Jacob Fortinsky, co-founder & CEO, Novig

Paul Veradittakit, managing partner at Pantera Capital, was pleased to support Novig and its mission to redefine sports entertainment. He noted that the fact that 23% of prediction markets users are profitable compared to 2% on traditional sportsbooks is a clear indicator that the industry needs to change.

We’re excited to lead this round and support Jacob, Kelechi, and the team as they build a sports prediction market that actually puts bettors first.

Paul Veradittakit, managing partner, Pantera Capital

The latest investment comes a few months after Novig’s Series A funding round netted it an additional $18 million.