Novig, a peer-to-peer sports betting exchange, has closed a $75 million Series B funding round led by Pantera Capital, a crypto and blockchain-focused venture firm, bringing total capital raised to more than $105 million.
The raise follows a tenfold increase in trading volume during 2025 and comes as the company reports annualised trading volume exceeding $4 billion.
Multicoin Capital, Makers Fund, and Edge Equity participated in the round alongside existing investors Forerunner, Perceptive Ventures, and NFX.
Novig operates a sweepstakes-based, commission-free exchange using an order-book model, a structure that matches buyers and sellers directly to produce market-driven odds rather than those set by a traditional sportsbook.
Jacob Fortinsky, co-founder and chief executive of Novig, said the company's users are ten times more likely to win than on traditional sportsbooks.
"Our mission is to democratise and financialise sports markets," Fortinsky said.
The company said it will use the proceeds to accelerate product development, add markets, deepen liquidity, and build advanced trading tools, and has grown its team to more than 50 people.
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Novig has also applied to the Commodity Futures Trading Commission (CFTC), the US derivatives regulator, to become a licensed Designated Contract Market, a status that would allow it to operate as a federally regulated exchange available across all 50 states.
The application signals the company's ambition to move beyond its current sweepstakes model toward a fully regulated financial market structure for sports trading.The recap
- Series B led by Pantera Capital included multiple crypto investors.
- Annualized trading volume currently exceeds $4 billion on the platform.
- Company has applied to the CFTC to become a licensed DCM.
