Novig announced a $75 million Series B in February 2026; its related Ludlow Exchange later received CFTC designation in June.
Novig announced on February 18, 2026 that it had closed a $75 million Series B funding round led by Pantera Capital. The company said the round brought its total funding to more than $105 million.
In the funding announcement, Novig said it planned to use the money to add markets, deepen liquidity and develop more trading tools.
Novig described its product at the time as a sweepstakes-based, peer-to-peer sports prediction market. It also said it had submitted an application to become a designated contract market.
That regulatory status changed later in the year. The CFTC designated Ludlow Exchange LLC as a contract market on June 16. Ludlow's CFTC-filed operating agreement identifies Novig Betting Inc. as its sole member. On August 4, Novig announced a nationwide launch of its sports prediction market.