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Sports prediction platform Novig has secured $18 million in Series A funding to grow its markets, introduce new features, and roll out additional payment options. The peer-to-peer, commission-free app — launched in September 2024 — says the funding will accelerate its mission to “democratize sports betting.”
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The round was led by venture capital firm Forerunner, with Y Combinator, NFX, Perceptive Ventures, and Gaingels also participating.
CEO and co-founder Jacob Fortinsky said:
“The support from some of the world’s leading tech investors, who believe in our mission to democratize sports betting for good, is a powerful endorsement – not just of what we’ve built, but of the future we’re creating. This funding will allow us to scale our mission across more sports, more formats, and ultimately, to more users.”
With fresh capital, Novig plans to expand into additional sports markets, enhance existing ones, and launch features like leaderboards, group contests, and head-to-head trading. The company is also preparing to add debit and credit card payments, launch a full web platform, and grow its engineering and product teams.
Novig’s growth has been a key draw for investors. The app has surpassed $2 billion in annualized Novig Cash volume, with trading activity up 50x in less than a year. According to Novig, its high rate of peer-to-peer trades supports user engagement and retention.
Fawzi Itani, Principal at Forerunner, said Novig is aligned with shifts in how consumers engage with gaming and financial products:
“The Novig team brings the most sophisticated and nuanced perspective to sports prediction markets. They not only deeply understand their target customer, but are building a system that is more fair, community-oriented, rewarding, and well, fun.”
Like many sweepstakes-based gaming operators, Novig offers free coins for new sign-ups, with users able to purchase Novig Cash that can be redeemed for prizes and cash. The platform allows players to bet at listed odds or set their own, always competing against other users instead of a sportsbook house.
Fortinsky described the model as a better fit for sports fans:
“What we’re building isn’t just sports predictions – it’s a true peer-to-peer market. We believe users deserve a system that rewards skill, reflects true supply and demand, and gives every fan a fair shot. We’ve quickly become the No. 1 sports prediction market in the U.S., and our organic growth speaks to the strength of our product and the passion of our community.”