New York, USA – Novig, a peer-to-peer sports prediction platform co-founded by Nigerian entrepreneurs, has raised $75 million in fresh capital to scale its operations across the United States, achieving a valuation of $500 million.
Okay News reports that the funding round was led by Pantera Capital and follows an $18 million Series A round at a $90 million valuation, bringing total capital raised to $108 million to date. The company was founded in 2021 by Kelechi Ukah and Jacob Fortinsky while both were students at Harvard University, built around the idea of eliminating the vig, the commission traditionally taken by bookmakers on every bet.
Chief Executive Officer Jacob Fortinsky said the company is focused on closing the brand recognition gap with larger rivals. He noted that while Novig does not charge a traditional bookmaker commission, it plans to generate revenue by charging institutional traders and liquidity providers. However, monetisation will not be a priority until the platform reaches $1 billion in monthly trading volume. It currently processes around $300 million monthly.
The fresh capital will be used to increase marketing spend, expand the company’s team from its current 50 employees, and roll out a loyalty programme in the coming months. Novig has applied to the Commodity Futures Trading Commission to become a designated contract market, which would allow it to operate legally across all 50 U.S. states under federal oversight. The company currently operates under a sweepstakes model in multiple states, allowing users to place wagers using virtual currency that can be redeemed for prizes.
Novig launched in 42 states in September 2024 under its sweepstakes and prediction market model. The broader prediction market sector has seen explosive growth in the past year, with competitors Kalshi and Polymarket recently valued at $11 billion and $9 billion respectively. Traditional sportsbook giants are increasingly introducing similar prediction style products to stay competitive.
The company previously secured a state license in Colorado in 2023 but withdrew in 2024 after encountering regulatory challenges, opting instead to pivot toward a prediction market structure. With federal approval pending, Novig is positioning itself as a challenger brand seeking to disrupt both traditional sportsbooks and emerging prediction market operators.
