Overview
- Novig has applied to the Commodity Futures Trading Commission to operate as a Designated Contract Market, with its CEO saying a decision could come within months.
- The Series B was led by Pantera Capital with Multicoin Capital, Makers Fund and Edge Equity participating alongside existing backers Forerunner, Perceptive Ventures and NFX, bringing total funding above $100 million.
- The platform runs a commission-free, peer-to-peer sports market for retail users and plans to charge fees to institutional traders and liquidity providers.
- Novig reports roughly $300 million in monthly volume, well below rivals such as Kalshi, which facilitates about $2 billion in trades each week.
- The company says the new capital will expand liquidity and market coverage, add advanced trading tools, boost marketing and introduce a loyalty program.