Novig has quadrupled its valuation since its last funding round, fueled by its move into prediction markets.
- Novig has raised new funding at a $2-billion valuation.
- The valuation has quadrupled since a $500-million funding round in February.
- Novig has gained attention through a Sydney Sweeney campaign and a partnership with the New York Mets.
The company, founded by Jacob Fortinsky and Kelechi Ukah in 2021, has raised new funding at a $2-billion valuation, according to multiple reports.
Novig’s worth has soared beyond a $500-million valuation after a $75-million funding round in February, led by Pantera Capital and other investors.
Novig received approval from the Commodity Futures Trading Commission in June to operate as a designated contract market and launched a prediction market platform focused exclusively on sports in August.
Novig’s new valuation remains well below those of Kalshi and Polymarket, which are valued at roughly $40 billion and $21 billion, respectively.
Building its profile
Novig was a peer-to-peer sports exchange before transitioning to a federally licensed prediction market that has created significant trading volume.
The company gained broader attention after featuring actress Sydney Sweeney in promotional ads in early September. Novig was also the first trading exchange to strike a marketing deal with an MLB team, announcing a partnership with the New York Mets in August.
Since the NFL season began Sept. 9, Novig has recorded $1.14 billion in notional trading volume, according to Aldrin Research. Competitors like Kalshi, Polymarket, DraftKings Predictions, and Crypto.com offer financial, economic, cultural, and other market categories besides sports.
Novig ranks sixth among the 11 prediction market operators that report volume to Aldrin during the first three weeks of NFL action, ahead of Robinhood, Underdog, ProphetX, and others.
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Different approach
Novig announced before the season began that it would adhere to an NFL request to prohibit markets the league deems “easily manipulable, inherently objectionable, officiating-related, and knowable in advance.”
Novig also became the first U.S. prediction market operator to require users to be at least 21 years old, compared with the 18-year minimum used by some competitors.
“Trust is the foundation of every market, and it’s earned through clear rules and accountability,” Fortinsky recently said. “Responsible trading shouldn’t rest solely with the customer - it should always begin with the exchange itself. By codifying responsible trading standards directly into our rulebook, we’re holding ourselves to the same high standard we expect of our participants and establishing a new benchmark for how federally regulated prediction markets should operate.”
