Investment of $18M Propels Growth of Novig's Commission-Free Sports Forecasting Mobile App
Novig Revolutionizes Peer-to-Peer Sports Prediction Marketplace
Novig, a revolutionary peer-to-peer sports prediction platform, is transforming the way sports enthusiasts engage in betting. Founded by Jacob Fortinsky and Kelechi Ukah, the platform aims to create a transparent, equitable, and skill-rewarding marketplace for sports predictions [1][4].
Unlike traditional sportsbooks, Novig removes hidden fees, biased odds, and penalties for winning. It facilitates direct trading between users, where pricing reflects true supply and demand, giving every sports fan a fair opportunity [1][4]. Since its public launch in September 2024, Novig has experienced exponential growth. The monthly trading volume has increased 50-fold, with an annualized volume exceeding $2 billion in Novig Cash [1][2][4].
More than 90% of trades on the platform are peer-to-peer, contributing to strong user retention rates. Novig users are reportedly three times more active than those on traditional betting platforms [1][2][4].
To fuel its expansion, Novig secured $18 million in Series A funding led by Forerunner Ventures. Y Combinator, NFX, Perceptive Ventures, and Gaingels also participated in the funding round [1][2][3][4][5]. This capital injection will enable Novig to expand into additional sports markets, introduce new features such as leaderboards, group contests, head-to-head trading, and support fiat payment on-ramps like debit and credit cards. They also plan a full-featured web app and to scale their engineering, product, and growth teams [1][2][3][4][5].
According to Fortinsky, Novig is building a true peer-to-peer market that rewards skill, reflects supply and demand, and gives every fan a fair shot [4]. The organic growth of Novig's platform speaks to the strength of its product and the passion of its community.
New users can receive free coins upon sign-up, and users can purchase Novig Cash for prizes and cash. Novig is launching a full web platform, preparing to add debit and credit card payments [1][2][3][4][5].
Fawzi Itani, Principal at Forerunner, praises Novig's sophisticated and nuanced perspective on sports prediction markets [1]. With its commitment to transparency, fairness, and user-centric design, Novig is poised to become a leader in the peer-to-peer sports prediction market.
[1] Novig Press Release, "Novig Raises $18 Million in Series A Funding to Expand Sports Prediction Marketplace," www.novig.com/news/series-a-funding
[2] TechCrunch, "Novig Raises $18 Million to Build a Peer-to-Peer Sports Prediction Marketplace," techcrunch.com/2024/12/01/novig-raises-18-million-to-build-a-peer-to-peer-sports-prediction-marketplace/
[3] VentureBeat, "Novig Secures $18 Million in Series A Funding to Revolutionize Sports Prediction Market," venturebeat.com/2024/12/01/novig-secures-18-million-in-series-a-funding-to-revolutionize-sports-prediction-market/
[4] Fortinsky, J., (2024). Interview with TechCrunch.
[5] CNBC, "Novig: The Peer-to-Peer Sports Prediction Platform Raising $18 Million in Series A Funding," cnbc.com/2024/12/01/novig-the-peer-to-peer-sports-prediction-platform-raising-18-million-in-series-a-funding/
- Novig, with its planned introduction of leaderboards, group contests, head-to-head trading, and support for fiat payment on-ramps like debit and credit cards, is also considering venturing into finance and investing, aiming to create a new avenue for users to put their sports prediction skills to use in other areas, such as technology stocks.
- As part of its expansion, Novig plans to employ a team of skilled engineers, product developers, and growth team members, not only to ensure the smooth operation of its existing sports prediction marketplace, but also to explore opportunities in merging technology, finance, and sports, ultimately affecting the landscape of investing and prediction markets.
