Novig, the sports-focused prediction market that rose in popularity this month after racy ads featuring the actress Sydney Sweeney, has raised new funding at a $2 billion valuation, according to people familiar with the matter. The valuation quadruples the company’s valuation from a funding round earlier this year, when it was valued at $500 million. Most of the new capital came from existing investors, in part to give priority to a speedy deal, the people familiar with the matter said. Novig continues to field investor interest and could raise additional capital soon at an even higher valuation, they said.

Novig’s earlier investors include venture-capital firms Pantera Capital, Multicoin Capital and NFX. Sweeney, the actress known for HBO’s “Euphoria,” is also an equity partner. Investors are pouring money into prediction markets, including Kalshi and Polymarket, despite regulatory uncertainty in the sector.

Novig pivoted business models this year, starting 2026 with an in-house trading team before securing regulatory approval in June to operate as a prediction market. The company had built an audience with an associated trading and sports-focused podcast, but interest took off with the Sweeney ads, which were squarely targeted toward a key demographic of young, male, sports-loving bettors.

“No betting on wars, or deaths, and no politics,” she says in an ad. “Just you, your takes and sports.” Sweeney underscored Novig’s “just sports” pitch that differentiated it from other platforms by wearing nothing but strategically placed sports gear. In July, the New York Mets partnered with Novig, becoming the first Major League Baseball to ink a deal with a prediction market.