Novig is raising a new round of capital that’s expected to value the sports-focused prediction-market platform at up to $2 billion, Front Office Sports has learned. 

The company is currently in talks with investors, according to three sources familiar with the matter. Two sources say the company expects to close the round this winter, possibly before the end of the year. One source tells FOS that “received interest” from investors has been at a $2 billion valuation. 

It was not clear how much capital the company will raise in the round or which investors will participate. Existing Novig investors include venture capital firms Pantera Capital and Forerunner Ventures, as well as former star NFL quarterback Joe Montana. 

Novig began receiving “tons” of interest after the CFTC in June approved it as a designated contract market, one source says. That allowed the company to operate as a federally regulated prediction market nationwide. Novig also recently received significant attention after its racy commercial featuring actress Sydney Sweeney—who is now an equity partner in the company—in an ad that has also received backlash due to its risqué nature. 

Reached for comment, Novig confirmed the company is fundraising.

If Novig successfully completes the funding at a $2 billion valuation, it would represent a 300% increase in valuation for the business in less than a year, after it raised $75 million at a $500 million valuation in February. Including a prior $18 million funding round that closed in August 2025, Novig has raised more than $105 million to date.

A $2 billion valuation would still pale in comparison to Novig’s two largest prediction-market competitors, Kalshi and Polymarket. Kalshi is reportedly in advanced talks to raise an additional $1 billion at a roughly $40 billion valuation. Polymarket is putting the finishing touches on its own $1 billion funding round that is being led by Donald Trump Jr.’s 1789 Capital, a source tells FOS. Polymarket’s funding will reportedly value the company at about $21 billion.

Novig cofounder Jacob Fortinsky has expressed confidence in his company’s ability to compete. Over the summer, he told FOS that Novig has a “significant second-mover advantage,” and said “I’m very optimistic that a year from now we will very much be one of the first companies people think of when they hear about prediction markets.”

Fortinsky feels his company’s focus on sports sets it apart from competitors. During the FOS Asset Class event on Sept. 15, he said Novig’s “north star” has always been “to be the most hyperefficient, hyperliquid sports trading venue globally and to offer the most consumer-friendly, high-integrity, and efficient experience for the everyday sports consumer.”

Novig, founded in 2021, has been building its public profile this year. In addition to the Sweeney ad, it became the first prediction-market platform to reach a team-level deal with an MLB franchise through an exclusive, multiyear agreement with the Mets. It also had a short-term deal with LIV Golf during the Masters Tournament in April, months before the golf league filed for Chapter 11 bankruptcy protection.