Investment Secured: Novig bags $18 million in their Series A Funding Round
In a significant move for the iGaming and sports wagering industry, Novig, a US-based peer-to-peer sports prediction market, has announced a successful $18 million Series A funding round. This funding round was led by Forerunner Ventures, with participation from existing investors Gaingels, NFX, Perceptive Ventures, and Y Combinator.
Founded by Jacob Fortinsky and Kelechi Ukah, Novig has experienced rapid growth since its public launch in September 2024. The platform, which focuses on user-to-user trading rather than traditional sportsbook models, has seen a 50x increase in monthly volume. Remarkably, Novig is available in over 40 US states, including major markets like California and Texas, where traditional sports wagering is not yet permitted.
The fresh funding will be used by Novig to add more sports to its offerings, fortify its footprint in existing markets, launch new features, and scale hiring. This includes the launch of leaderboards, group contests, and head-to-head trading. Novig also plans to support fiat on-ramps such as debit and credit card payments, launch a full-featured web app, and scale hiring across its engineering, product, and growth teams.
Novig's unique approach to sports prediction markets sets it apart from traditional prediction firms, with more than 90% of trades on Novig being peer-to-peer, indicating a strong product-market fit. Every new Novig user receives a starting balance of Novig Coins and Novig Cash, allowing them to trade without upfront deposit or risk. The platform offers a free-to-play option as well as one where users can use Novig Cash for prizes and real money redemptions if they win their wagers.
This funding round and investor backing reflect strong institutional confidence in Novig's mission to "democratize sports betting for good" by offering a transparent, commission-free marketplace for sports predictions. Novig users are three times more likely to remain active on the platform compared to traditional betting platforms, making it a promising player in the growing iGaming and sports wagering market.
As the institutional investor/venture capital floodgates continue to open for iGaming and sports wagering-related companies, Novig's success serves as a beacon for the potential of peer-to-peer sports prediction markets. With its innovative approach and strong backing, Novig is poised to continue its growth and expansion in the coming years.
- The successful $18 million Series A funding round for Novig, a US-based peer-to-peer sports prediction market, underscores the potential of technology in the sports betting realm, marking a significant advancement in the iGaming and sports wagering industry.
- In the realm of financial investments, Forerunner Ventures, Gaingels, NFX, Perceptive Ventures, and Y Combinator have shown their belief in the potential of Novig's business model, contributing to its $18 million funding round.
- Novig's unique approach, which leverages technology to facilitate user-to-user trading instead of traditional sportsbook models, is shaking up the sports betting landscape, offering a transparent, commission-free marketplace for sports predictions.
- With the fresh funding, Novig plans to strategically invest in technology, expanding to support more sports, launching new features, and scaling hiring, aiming to establish a robust presence in the burgeoning iGaming and sports wagering market.
