Novig raises Series B led by Mason Nystrom, hires chief compliance officer
Novig, a sports-focused prediction market operator, raised a Series B round led by Mason Nystrom, the firm announced June 16. No deal terms or dollar amount were disclosed. The investment comes as Novig is actively building out its compliance function: on June 10, the company posted a job listing for a Chief Compliance Officer in New York offering $275,000 to $325,000 plus meaningful equity. Novig describes itself as building America's top sports prediction market and pioneering commission-free sports engagement. The hiring push and fresh capital arrive shortly after Novig secured CFTC designation for its Ludlow Exchange, positioning the platform to compete in the emerging regulated sports event-contract space.
Novig must deploy the Series B capital to build out its CFTC-regulated Ludlow Exchange and capture sports bettors before DraftKings' DKeX clears its self-certified contracts and Robinhood scales brokerage distribution to prediction markets. The chief compliance officer hire signals Novig is staffing for launch, not just licensure.