Novig closes $18 million Series A funding round

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Novig, the peer-to-peer prediction market, declared a funding spherical that closed at $18 million.

The principle contributors to this spherical of funding included Forerunner, Y Combinator, NFX, Perceptive Ventures, and Gaingels.

Novig broadcasts $18 million funding spherical

The prediction market in America is heating up with a listing of suitors that enable bettors to stake on markets resembling election outcomes, climate patterns, and a bunch of novelty bets. We reported on the success that Kalshi and Polymarket have had throughout this yr and their authorized battles to function throughout America.

Novig is a sportsbook alternate that’s permitted to function in forty US states and is gaining traction amongst prediction gamblers. The format is much like British and EU sportsbook exchanges resembling Betfair Alternate that provide occasions that pit gamers’ predictions in opposition to one another.

The platform, based by Jacob Fortinsky and Kelechi Ukah, posted on social media concerning the landmark funding spherical.

@Novig simply raised an $18M Sequence A spherical led by @forerunner.

Right here’s how we turned the fastest-growing sports activities prediction market in America pic.twitter.com/NsHsRwB8Ec

— Jacob Fortinsky (@j__fort) August 11, 2025

How does Novig work?

Novig makes use of a format that includes two branded on-line currencies, Novig Money and Novig Cash, used to partake in “freemium” video games, and will also be bought for sweepstakes and the buying and selling factor of the positioning. In response to the Novig website, the 2 currencies are color-coded.

Novig Money, the blue forex, is “redeemable for actual money prizes (USD) in case your trades win; topic to playthrough necessities.” Novig Cash, the yellow forex, is “used completely for apply buying and selling and can’t be redeemed for actual forex,” in line with the articles posted on Novig.

The longer term seems to be constructive for the sports activities prediction platform

Since its public launch in September 2024, it has achieved a reported fifty instances its unique month-to-month buying and selling quantity, which has quickly elevated, and the net forex is now at 2 billion Novig money.

One of many traders, Fawzi Itani, Principal at Forerunner, stated, “The Novig workforce brings probably the most subtle and nuanced perspective to sports activities prediction markets. They not solely deeply perceive their goal buyer, however are constructing a system that’s extra truthful, community-oriented, rewarding, and properly, enjoyable.”

Novig intends to broaden with the brand new spherical of funding from Itani and the opposite traders. The corporate has plans, in line with the release, so as to add further sports activities to the buying and selling factor of the platform.

“With the brand new capital, Novig plans to broaden protection to further sports activities and deepen its presence in current markets. The corporate may even launch new options, together with leaderboards, group contests, and head-to-head buying and selling,” stated the Novig launch.

Additionally it is trying to help debit and bank card funds, an internet app, and rent extra our bodies throughout its engineering, product, and development groups.

Along with being the co-founder, Fortinsky operates because the prediction provider’s CEO. He spoke concerning the platform’s success, saying, “We consider customers deserve a system that rewards ability, displays true provide and demand, and provides each fan a good shot. We’ve rapidly turn out to be the #1 sports activities prediction market within the US, and our natural development speaks to the energy of our product and the eagerness of our neighborhood.”

Featured picture credit score: Novig official.

The publish Novig closes $18 million Series A funding round appeared first on ReadWrite.

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