Sports Prediction Market Novig Secures $75 Million Series B Funding, Led by Pantera Capital
Odaily reported that the sports prediction market Novig has announced the completion of a $75 million Series B funding round, led by Pantera Capital. This round of funding has pushed Novig's valuation to $500 million.
Novig stated that it is a prediction market platform focused on the sports sector. The company was founded by Jacob Fortinsky and Kelechi Ukah with the aim of challenging the traditional sports betting market through a peer-to-peer (P2P) trading model. The platform currently operates using a lottery model and is applying for regulatory approval from the U.S. Commodity Futures Trading Commission. Novig does not charge commissions to retail users, instead generating revenue by charging institutional participants. The funds from this round of financing will be used to expand its business scale in the sports prediction market sector. (Fortune Magazine)
