#United States #New York #Sports Betting #peer-to-peer #Novig

Novig Secures $18 Million in Series A Funding

In an impressive turn of events, Novig, recognized as the premier peer-to-peer sports prediction market in the United States, has successfully closed an $18 million Series A funding round, spearheaded by Forerunner, with notable participation from Y Combinator, NFX, Perceptive Ventures, and Gaingels. Founded by Jacob Fortinsky and Kelechi Ukah, this innovative platform is set to reshape the landscape of sports predictions.

Since its launch in September 2024, Novig has witnessed remarkable growth, boasting a staggering 50x increase in monthly trading volume. In fact, the platform has outstripped $2 billion in annualized trading volume on Novig Cash. This explosive rise has led Novig to become the fastest-growing platform within its category, reflecting both a robust product and a dedicated community.

"What we're building isn't just sports predictions—it's a true peer-to-peer market," stated Jacob Fortinsky, CEO and co-founder of Novig. He further emphasized, "We believe users deserve a system that rewards skill, reflects true supply and demand, and gives every fan a fair shot. Our organic growth is a testament to our product's strength and our community's passion."

With an innovative approach, Novig differentiates itself from traditional sportsbooks by allowing users to trade directly with each other. This method eliminates hidden fees, biased odds, and minimizes penalties for users winning. More than 90% of trades conducted on Novig's platform are peer-to-peer, indicating a significant product-market fit. Users are three times more likely to remain active on Novig compared to conventional betting platforms and receive a starting balance of Novig Coins and Novig Cash, enabling them to dive into trading without any initial monetary risk.

The new funding will empower Novig to enhance its product offerings, expand coverage to new sports, and strengthen its existing market presence. Upcoming features will include leaderboards, group contests, and head-to-head trading experiences, creating even more engagement for users. Additionally, Novig plans to integrate various fiat on-ramps like debit and credit cards, as well as launch a fully-featured web application. Expansion efforts will also see increased hiring across engineering, product, and growth teams to support this ambitious scale-up.

Fawzi Itani, Principal at Forerunner, spoke highly of Novig's vision, stating, "Novig sits at the center of several key secular trends in gaming and entertainment. The team brings a sophisticated perspective to sports prediction markets, ensuring that their approach is fair, community-oriented, and enjoyable."

As Novig advances its mission to revolutionize the sports prediction experience, it is rapidly becoming a go-to platform for fans prioritizing price, product quality, and performance. By streamlining the sports betting process and democratizing access, Novig is establishing itself as a leader in an evolving market.

About Novig

Novig is America’s leading Sports Prediction Market, uniquely positioned to offer commission-free, peer-to-peer trading on sports. By dismantling the traditional sportsbook structure, Novig provides enhanced pricing, total transparency, and a more efficient marketplace for its users. For further details, visit novig.us or follow them on X or LinkedIn.