Novig has reportedly raised new funding at a $2 billion valuation, quadrupling the sports-focused prediction market operator’s value since its previous financing round earlier this year.

The company was valued at $500 million in February after raising $75 million in a funding round led by Pantera Capital and other investors. The latest financing therefore represents a fourfold increase in less than eight months.

Novig, founded by Jacob Fortinsky and Kelechi Ukah in 2021, began as a peer-to-peer sports exchange before shifting toward a federally regulated prediction market model. The Commodity Futures Trading Commission approved the company as a designated contract market in June, clearing the way for its sports-focused prediction platform to launch in August.

The business now operates in 47 states, with Arizona, Michigan, and Nevada remaining outside its current footprint.

The latest valuation still places Novig well below the largest prediction market operators. Kalshi is valued at around $40 billion, while Polymarket carries a valuation of roughly $21 billion.

Sports-Only Model Drives Market Position

Novig has differentiated itself by limiting its markets to sports while several major competitors also offer contracts tied to financial, economic, political, and cultural events.

The company has recorded substantial trading activity since entering the prediction market sector. Since the NFL season began on September 9, Novig has generated $1.14 billion in notional trading volume, according to Aldrin Research.

It ranked sixth among 11 prediction market operators reporting trading volume during the first three weeks of NFL activity, ahead of Robinhood, Underdog, ProphetX, and several others.

Company figures also show more than 250,000 traders have generated over $6.5 billion in total volume on the platform.

Novig has also adopted restrictions that differ from some competitors. Before the NFL season, the company agreed to follow a league request barring markets considered “easily manipulable, inherently objectionable, officiating-related, and knowable in advance.”

The company also became the first U.S. prediction market operator to set its minimum user age at 21. Some competitors continue to permit customers from age 18.

Fortinsky explained the company’s approach to responsible trading:

“Trust is the foundation of every market, and it’s earned through clear rules and accountability,” Fortinsky recently said, as The Wall Street Journal reports. “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.”

Sydney Sweeney Campaign Raises Novig’s Profile

Novig has also drawn broader attention through a promotional campaign featuring actress Sydney Sweeney, who joined the company as an equity investor.

The campaign launched in early September and emphasized Novig’s sports-only product range. In one commercial, Sweeney says:

“Think you know sports? Prove it,” Sweeney says in the commercial. “No betting on wars, or deaths, and no politics. Just you, your takes and sports.”

The ads attracted significant attention online and increased Novig’s visibility during the early weeks of the NFL season.

Sweeney did not take standard cash compensation for the campaign. Instead, she received an undisclosed equity stake in the company. Her exact ownership percentage has not been revealed.

The funding reports arrived after Novig had also expanded its marketing presence through professional sports. The company announced a partnership with the New York Mets in August, becoming the first trading exchange to enter a marketing agreement with an MLB team.

At the same time, the campaign involving Sweeney helped push Novig into wider public discussion beyond the prediction market sector.

One of the advertisements also includes the line:

“You can’t trade this. I just look good here.”

Funding Follows Rapid Expansion

Investor interest in Novig has increased since the company obtained its CFTC approval and entered the prediction market sector.

Its February Series B financing included participation from existing investors such as Forerunner, NFX, and Perceptive Ventures, along with Edge Equity, Makers Fund, and Multicoin Capital.

The reported $2 billion valuation reflects the company’s rapid expansion since that round, although Novig remains considerably smaller than the two largest prediction market platforms by valuation.

An initial public offering also appears to remain some distance away. Novig has not announced plans to go public and continues to focus on expanding its trading platform and user base.