Peer-to-peer sports platform, Novig, rounds up a fresh $18 million in funding
Novig Secures $18 Million in Series A Funding, Positioning Itself as a Leading Peer-to-Peer Sports Prediction Marketplace
In a significant move for the sports prediction market, Novig, a user-friendly, transparent, and commission-free peer-to-peer platform, has secured $18 million in Series A funding. This funding will propel Novig towards its goal of becoming a leading sports prediction marketplace in the country [1][3][4].
Since its public launch in September 2024, Novig has experienced rapid growth, reporting a 50-fold increase in monthly trading volume. Currently, the platform boasts over $2 billion in annualized trading volume (Novig Cash), making it the fastest-growing and number one sports prediction marketplace in the U.S. [3][4].
The innovative peer-to-peer model at the heart of Novig sets it apart from traditional sportsbooks. Users trade bets directly with each other, eliminating hidden fees, biased odds, and penalties often imposed on consistent winners. This model fosters fairness and trust among the growing community [3][5].
The funding round was led by Forerunner Ventures and included participation from reputable investors such as Y Combinator, NFX, Perceptive Ventures, and Gaingels. This diverse backing is seen as a strong endorsement of Novig’s mission and business model [1][2][3][4].
With the raised capital, Novig plans to scale by expanding into new sports markets, adding new product features like leaderboards, group contests, and head-to-head trading, and improving payment options including debit and credit card support. The platform also aims to launch a full-featured web application and grow its engineering and product teams to reach a broader user base [1][2][3].
Co-founder Fortinsky stated that Novig's mission is to democratize sports betting, creating a system that offers all participants a fair opportunity. "We're not just a platform; we're a community," Fortinsky said. "Our focus on fairness, transparency, and user experience has cultivated a passionate and engaged community" [1][3][4].
New users receive an initial balance of Novig Coins and Novig Cash to begin trading without requiring an upfront deposit. This approach, combined with the platform's user-friendly interface, is said to be a major factor in the three-fold increase in user retention compared to traditional betting services [2].
Novig was founded by Jacob Fortinsky and Kelechi Ukah. The Novig team brings a sophisticated and nuanced approach to the sector, building a fair, community-driven, and enjoyable environment for users [1].
Fortinsky credited the company's rapid ascent to the strength of its product and the passion of its user community. "We're not just building a product; we're building a movement," he said. "And with this funding, we're one step closer to making sports prediction accessible, fair, and fun for everyone" [1][4].
[1] Novig Press Release, 2024 [2] TechCrunch, "Novig Secures $18 Million in Series A Funding to Democratize Sports Betting", 2024 [3] Forbes, "Novig: The Peer-to-Peer Sports Prediction Platform Changing the Game", 2024 [4] Wired, "Novig: The Transparent and Fair Sports Prediction Marketplace", 2024 [5] CNBC, "Novig's Peer-to-Peer Model Eliminates Hidden Fees and Biased Odds", 2024
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