Novig Secures $75 Million to Boost Sports Prediction Platform

Novig, a peer-to-peer sports prediction platform co-founded by Kelechi Ukah and Jacob Fortinski, has successfully raised $75 million in a funding round led by Pantera Capital. This investment elevates Novig's valuation to $500 million, reflecting the increasing demand for alternative sports wagering models in the United States.

The recent funding comes shortly after Novig closed an $18 million Series A round, which valued the company at $90 million, bringing the total capital raised to $108 million to date. The fresh capital will be utilized to enhance market spending, expand the company's team, and roll out a loyalty program.

Over the past year, Novig has grown its workforce from 14 to 50 employees, and its trading activity has increased significantly since its founding in 2021, with the aim of eliminating the vig or commission traditionally taken by bookmakers on every bet.