Novig Raises $18 Million to Scale Its Peer-to-Peer Sports Prediction Market
Novig, a commission-free sports prediction market, has closed an $18 million Series A funding round to scale its peer-to-peer platform. The round was led by the venture capital firm Forerunner, with continued participation from existing investors including Y Combinator and NFX.
A Different Model for Sports Trading
Unlike conventional sports betting operators where users wager against “the house,” Novig facilitates direct, peer-to-peer trading. The company positions itself as a more transparent and efficient marketplace, eliminating hidden fees and the risk of winning players having their accounts limited or closed.
“What we’re building isn’t just sports predictions–it’s a true peer-to-peer market,” said Jacob Fortinsky, CEO and co-founder of Novig. “We believe users deserve a system that rewards skill, reflects true supply and demand, and gives every fan a fair shot.”
Since its public launch in September 2024, Novig has experienced significant growth. The company reported a 50-fold increase in monthly trading volume and has surpassed an annualized volume of $2 billion in its platform-specific currency, Novig Cash.
The platform’s peer-to-peer model appears to be resonating with users. More than 90% of trades on Novig are now fully peer-to-peer, a strong indicator of a healthy and self-sustaining marketplace. The company also claims its users are three times more likely to remain active on its platform compared to users of traditional betting sites.
Fueling Future Expansion
Novig plans to use the new capital to accelerate its growth across several key areas. The company will expand its market coverage to include additional sports while also deepening its presence in existing ones.
A primary focus will be on product development. New features slated for launch include leaderboards, group contests, and head-to-head trading options. Novig also aims to introduce fiat on-ramps to allow for debit and credit card payments, launch a full-featured web application, and scale hiring across its engineering, product, and growth teams.
“This funding will allow us to scale our mission across more sports, more formats, and ultimately, to more users,” Fortinsky stated.
The funding round signals strong investor confidence in Novig’s disruptive approach. Forerunner, the lead investor, views the company as being at the intersection of major consumer trends in gaming and finance.
“Novig sits at the center of several key secular trends in gaming and entertainment, namely that consumers increasingly are spending their time, energy, and attention with financial products,” said Fawzi Itani, a Principal at Forerunner. “The Novig team brings the most sophisticated and nuanced perspective to sports prediction markets. They are building a system that is more fair, community-oriented, rewarding, and well, fun.”
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