Novig, a pioneering platform in the peer-to-peer sports prediction market in the United States, has successfully secured $18 million in a Series A funding round. This significant financial milestone was led by Forerunner, with contributions from existing investors such as Y Combinator, NFX, Perceptive Ventures, and Gaingels. Founded by Jacob Fortinsky and Kelechi Ukah, Novig is revolutionizing the sports prediction landscape by creating a transparent and equitable marketplace. Unlike traditional sportsbooks, Novig enables users to engage in direct trading with one another, thereby eliminating hidden fees, biased odds, and the risk of penalties for winning.
Since its public launch in September 2024, Novig has witnessed remarkable growth, achieving a 50-fold increase in monthly trading volume and surpassing an annualized volume of $2 billion in Novig Cash. This growth underscores the platform’s appeal and effectiveness in the sports prediction market.
Jacob Fortinsky, CEO and co-founder of Novig, emphasizes the platform’s unique approach: “We are building more than just a sports prediction platform; we are creating a genuine peer-to-peer market. Our system rewards skill, accurately reflects supply and demand, and offers every sports fan a fair opportunity. Our rapid ascent to becoming the leading sports prediction market in the U.S. is a testament to the strength of our product and the dedication of our community. The backing from prominent tech investors who share our vision of democratizing sports betting is a strong endorsement of both our current achievements and our future potential. This funding will enable us to expand our mission across more sports, introduce new formats, and reach a broader audience.”
Currently, over 90% of trades on Novig are conducted in a fully peer-to-peer manner, indicating a strong alignment with market needs. Novig users are three times more likely to remain active on the platform compared to those on traditional betting platforms. New users are welcomed with a starting balance of Novig Coins and Novig Cash, allowing them to experience the excitement of trading without any initial deposit or risk.
With the infusion of new capital, Novig plans to broaden its coverage to include additional sports and strengthen its presence in existing markets. The company is also set to introduce new features such as leaderboards, group contests, and head-to-head trading. Furthermore, Novig aims to support fiat on-ramps, including debit and credit card payments, launch a comprehensive web application, and expand its engineering, product, and growth teams. This strategic expansion will enhance the platform’s capabilities and reach, further solidifying its position as a leader in the sports prediction market.
