Novig seeks funding at up to $2 billion valuation

Novig is in talks to raise a new funding round that could value the sports-focused prediction-market platform at up to $2 billion, a fourfold increase from its $500 million valuation in February.

The company confirmed it is fundraising, although it did not disclose the size of the proposed round or potential investors. Front Office Sports reported that two sources expected a closing in winter, possibly before the end of the year, while one said investor interest had been expressed at the $2 billion valuation.

The transaction remains prospective. Covers characterized the financing as already completed at a $2 billion valuation, but the earlier Front Office Sports report described Novig as still negotiating with investors.

At $2 billion, Novig would be valued 300% above its February level. It raised $75 million in its Series B on Feb. 18, led by Pantera Capital, with participation from Multicoin Capital, Makers Fund, Edge Equity, Forerunner, Perceptive Ventures and NFX. The financing brought its cumulative capital raised to more than $105 million, including an $18 million round in August 2025.

Investor interest increased after Novig received designation as a Commodity Futures Trading Commission Designated Contract Market on June 16. The company said the designation allowed it to operate as a federally regulated prediction market nationwide, across all 50 states, under one regulatory framework.

Novig operates an exchange-based model in which customers trade sports outcomes directly with one another, rather than betting against a bookmaker. Its platform includes market surveillance, protections intended to guard against manipulation and insider activity, and a minimum user age of 21.

The company launched its sports-only prediction-market platform in August, following its transition from a peer-to-peer sports exchange to a federally licensed prediction market. According to Aldrin Research figures cited by Covers, Novig handled $1.14 billion in notional trading volume from the start of the NFL season through late September, placing sixth among 11 operators reporting data to the firm during the first three weeks of NFL games.

Novig has also raised its public profile through sports marketing. It reached an exclusive multiyear agreement with the New York Mets, described as the first team-level deal between a prediction-market platform and an MLB franchise, and previously held a short-term arrangement with LIV Golf during April’s Masters Tournament.

Its first national advertising campaign with actress Sydney Sweeney began Sept. 9. Sweeney, a strategic partner and equity holder in the company, appeared nude while holding sporting equipment in the campaign, which attracted criticism from social-media users, media outlets, female athletes and marketing professionals. The commercial also brought Novig significant attention.

A $2 billion valuation would still leave Novig behind the larger prediction-market groups. Kalshi’s reported valuation is roughly $40 billion and Polymarket’s is roughly $21 billion.