Novig, the leading U.S. peer-to-peer sports (P2P) prediction market, has closed an $18 million Series A funding round led by Forerunner, with backing from Y Combinator, NFX, Perceptive Ventures, and Gaingels. Founded by Jacob Fortinsky and Kelechi Ukah, Novig enables users to trade directly with one another, eliminating the hidden fees and biased odds typically found in traditional sportsbooks.
Since launching publicly in September 2024, Novig has grown rapidly—monthly trading volume increased 50-fold, and annualized Novig Cash volume topped $2 billion. Over 90% of trades are now peer-to-peer, and user retention is triple that of standard betting platforms, aided by new users receiving starter balances with no deposit required.
With its new funding, Novig plans to add more sports, enhance its current offerings, roll out features such as leaderboards and group contests, support debit and credit card payments, launch a web app, and expand its team. Novig aims to become the top choice for fans who prioritize value and product quality.
KEY QUOTES:
“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 #1 sports prediction market in the US, and our organic growth speaks to the strength of our product and the passion of our community. 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.”
Jacob Fortinsky, CEO and co-founder of Novig
“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. 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.”
Fawzi Itani, Principal at Forerunner
