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/
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