Novig to Quadruple Valuation With New Funding Round

Novig, a sports-focused prediction-market platform, is seeking to raise capital with the potential to increase its valuation to up to $2 billion, according to sources familiar with the matter. The company is currently engaged in discussions with investors, and it is anticipated that the round of funding will be completed this winter, possibly by the end of the year.

While the amount of capital Novig plans to raise and the specific investors involved remain unclear, existing investors include venture capital firms Pantera Capital and Forerunner Ventures, as well as former NFL star quarterback Joe Montana.

The new funding round is expected to take Novig's valuation to approximately $2 billion, marking a 300% increase in valuation within a year. This follows an initial funding round in February 2025, which raised $75 million at a $500 million valuation. To date, Novig has raised over $105 million in total funding. Notably, the company could still trail behind its two main competitors, Kalshi and Polymarket.

Kalshi is reportedly in advanced talks to raise an additional $1 billion, valuing the company at around $40 billion, while Polymarket is concluding its $1 billion funding round led by Donald Trump Jr.'s 1789 Capital, which would value the company at approximately $21 billion.

Novig cofounder Jacob Fortinsky remains confident in the company's ability to compete. He has previously highlighted Novig's "significant second-mover advantage" and expressed optimism that within a year, Novig will be one of the top companies associated with prediction markets. Fortinsky emphasizes Novig's focus on the sports sector, stating that the company's goal is to become the most efficient, liquid, and consumer-friendly sports trading platform globally.