If you have been paying attention to the sports betting world in 2026, you have heard the name Novig. It raised $75 million at a $500 million valuation in February 2026. It just signed actress Sydney Sweeney as an equity partner. It is chasing a CFTC license to operate in all 50 states. And it is taking direct aim at the two biggest names in prediction markets — Kalshi and Polymarket. But who actually owns Novig?
What Is Novig?
Novig is a New York-based sports prediction market platform that operates a commission-free, peer-to-peer exchange for sports trading. Instead of betting against a sportsbook — where the house always has an edge — Novig lets users trade sports outcomes directly against each other, using an order-book model that delivers market-driven odds with no hidden fees.
Novig was founded in 2021 and launched its first prediction market for sports across 42 states and Washington D.C. in September 2024 under a sweepstakes regulatory framework. The platform reported 10x growth in trading volume in 2025 and has quickly established itself as one of the most-watched startups in the $2 trillion global sports betting market.
Who Owns Novig in 2026?
Novig is a privately held company co-founded and controlled by Jacob Fortinsky and Kelechi Ukah. Jacob Fortinsky serves as CEO and is the most public face of the company, regularly appearing on CNBC, Forbes, and major sports business media. Kelechi Ukah is the co-founder who handles the technical and product side of the business.
The company has raised a total of more than $106 million across 8 funding rounds, which means ownership is distributed across Fortinsky, Ukah, and a group of institutional investors led by Pantera Capital. Novig is not publicly traded — no one can buy shares on the stock market. The company’s most recent valuation is $500 million, established during its February 2026 Series B funding round.
The Sydney Sweeney Equity Deal — What Just Happened
Just 4 days ago, Novig made headlines around the world that had nothing to do with odds or order books.
Actress Sydney Sweeney has invested in Novig, joining the sports prediction platform as an equity partner. The news broke alongside a viral advertisement featuring Sweeney that immediately generated national conversation.
Fortinsky confirmed that Sweeney approached Novig first and was specifically interested in an equity partnership — not just a paid endorsement. “We’re very excited to have her on the cap table,” Fortinsky said. He declined to reveal her exact ownership percentage or the deal’s financial terms.
Sweeney said she was drawn to Novig because the product is solely focused on sports and does not get involved in politics — a distinction that mattered personally to her.
“I don’t like to just put my face on something,” she said. “I really want to be able to get into the weeds of it with an amazing team. And I got to meet the Novig team. Jacob’s incredible, and I believed in him as a founder.”
Ownership and Key Stakeholders Table
| Owner / Investor | Role | Stake / Investment | Key Detail |
|---|---|---|---|
| Jacob Fortinsky | Co-Founder & CEO | Majority founding equity | Public face of Novig; regularly appears on CNBC and Forbes |
| Kelechi Ukah | Co-Founder | Founding equity | Technical and product co-founder |
| Pantera Capital | Lead Series B Investor | Led $75M Series B | Blockchain-focused venture firm; led Feb 2026 round at $500M valuation |
| Multicoin Capital | Series B Investor | Participated in $75M round | Crypto and blockchain-focused investment firm |
| Forerunner Ventures | Series A & B Investor | Participated in both rounds | Consumer-focused VC firm; backed Novig from Series A |
| Y Combinator | Seed & Series A Investor | Participated from 2022 incubation | World’s most famous startup accelerator; earliest institutional backer |
| Lux Capital | Seed Investor | Participated in $6.4M seed | Science and deep-tech focused VC firm |
| NFX | Series A & B Investor | Participated in both rounds | Network-effects focused venture capital firm |
| Perceptive Ventures | Series A & B Investor | Participated in both rounds | Healthcare and life sciences VC firm |
| Joe Montana | Angel Investor | Participated in 2023 seed | NFL Hall of Fame quarterback; early celebrity investor |
| Sydney Sweeney | Equity Partner | Undisclosed stake | Actress and investor; joined cap table in September 2026 |
| Makers Fund | Series B Investor | Participated in $75M round | Gaming-focused venture capital firm |
The Origin Story: Two Founders Who Thought Sports Betting Was Broken
Jacob Fortinsky co-founded Novig in 2021 with a simple and provocative thesis: sports betting is broken. Traditional sportsbooks like FanDuel and DraftKings operate on a model where bettors trade against the house, which always carries a structural edge. Winning players get limited or banned. Hidden fees erode returns. The entire system is designed to favor the platform over the customer.
Fortinsky told Fortune: “We started the company because we felt sports betting was broken.” His solution was to build a peer-to-peer exchange — the same model that transformed stock trading — where users set their own odds and trade directly against each other. Novig makes money not from retail traders but from institutional participants on the platform, keeping retail fees at zero.
The company was accepted into Y Combinator in June 2022 — one of Silicon Valley’s most competitive accelerators — giving it early credibility, funding, and access to a global network of founders and investors.
The Complete Funding Timeline
Novig has raised more than $106 million across 8 funding rounds since its founding.
In June 2022, Y Combinator backed Novig at the incubation stage. In August 2023, the company raised a $6.4 million seed round led by Lux Capital and Y Combinator, with participation from Soma Capital, Palm Drive Capital, CapitalX, and TRAC. NFL Hall of Famer Joe Montana also participated in the 2023 seed round as an angel investor.
In August 2025, Novig closed an $18 million Series A round led by Forerunner Ventures, with participation from Y Combinator, NFX, Perceptive Ventures, and Gaingels, valuing the company at $90 million. Then on February 18, 2026, Novig announced its landmark $75 million Series B led by Pantera Capital, which valued the company at $500 million — more than quadrupling its valuation in just six months.
What Makes Novig Different From FanDuel and DraftKings?
The distinction is fundamental. FanDuel and DraftKings operate as traditional sportsbooks — you bet against them, they hold the edge, and if you win too consistently, they limit or ban your account. Novig operates as an exchange — you trade against other users, Novig takes no commission from retail traders, and winning players are not penalized.
Fortinsky claimed that 20% of Novig bettors are likely profitable — a rate he says surpasses competing platforms. For context, traditional sportsbooks are estimated to have fewer than 3% of bettors consistently profitable. That structural difference is Novig’s entire competitive argument — and it is the reason investors valued the company at $500 million just over four years after its founding.
The CFTC License: Going National
Novig’s most significant regulatory move is its ongoing application for a Designated Contract Market (DCM) license from the U.S. Commodity Futures Trading Commission (CFTC). On February 18, 2026, the company publicly announced its CFTC application, making it one of a very small group of prediction market operators seeking formal federal oversight rather than a patchwork of state-by-state gambling licenses.
Fortinsky said he expected the CFTC licensing process to wrap up within six months. If approved, Novig would be legally available across all 50 states — a massive expansion from its current footprint. That national license would put it in direct competition not just with Kalshi and Polymarket but with every traditional sportsbook currently operating in the country.
Frequently Asked Questions (FAQs)
Q1. Who owns Novig in 2026?
Novig is co-owned by founders Jacob Fortinsky and Kelechi Ukah, with institutional investors including Pantera Capital, Forerunner Ventures, Y Combinator, and Lux Capital holding minority stakes.
Q2. Who is the CEO of Novig?
Jacob Fortinsky is the Co-Founder and CEO of Novig, regularly featured on CNBC and Forbes as one of the leading voices in the prediction markets industry.
Q3. How much has Novig raised in funding?
Novig has raised more than $106 million total across 8 funding rounds, including a $75 million Series B led by Pantera Capital in February 2026.
Q4. What is Novig’s current valuation?
Novig is valued at $500 million following its Series B funding round closed on February 18, 2026.
Q5. Does Sydney Sweeney own part of Novig?
Yes. Sydney Sweeney joined Novig’s cap table as an equity partner in September 2026, receiving an ownership stake in exchange for her role in the company’s “Just Sports” marketing campaign.
Q6. Is Novig publicly traded?
No. Novig is a 100% private company and is not listed on any stock exchange. Shares are only available to founders, employees, and institutional investors.
Q7. How is Novig different from traditional sportsbooks?
Novig operates a peer-to-peer exchange where users trade against each other — not against the house — with zero commission for retail traders and no banning of winning players.
Q8. Is Novig available in all 50 states?
Not yet. Novig has applied for a CFTC Designated Contract Market (DCM) license to operate in all 50 states, with CEO Jacob Fortinsky expecting approval within six months of the February 2026 application.
Novig is a privately held startup co-founded and controlled by Jacob Fortinsky and Kelechi Ukah, headquartered in New York City. The company was founded in 2021, backed by Y Combinator in 2022, and has raised more than $106 million total — including a $75 million Series B led by Pantera Capital in February 2026 that valued the company at $500 million.
Key investors include Multicoin Capital, Forerunner Ventures, Lux Capital, NFX, and angel investor Joe Montana. Just days ago, actress Sydney Sweeney joined the cap table as an equity partner.
Novig is chasing a CFTC license to expand into all 50 states, competing directly against Kalshi and Polymarket in the fastest-growing segment of American sports and finance.