Novig, the self-styled leader in peer-to-peer sports prediction markets in the United States, has secured an impressive $18 million in Series A funding, the company announced on August 11, 2025. The round was led by Forerunner, a venture firm well-known for its investments in sports tech companies like Oura and Jump, and included continued support from prominent backers Y Combinator, NFX, Perceptive Ventures, and Gaingels. This latest injection of capital marks a significant milestone for a company that’s been on a tear since its public launch less than a year ago.
Founded by Jacob Fortinsky and Kelechi Ukah, Novig seeks to upend the traditional sports betting industry by offering a transparent, commission-free, peer-to-peer marketplace. Rather than betting against the house, users trade directly with each other, which, according to Novig, eliminates hidden fees, biased odds, and the risk of being penalized for winning too often. The company’s name itself is a nod to this philosophy: in betting parlance, the “vig” is the cut taken by sportsbooks, and Novig’s model is designed to do away with it entirely.
Since its public debut in September 2024, Novig has experienced what can only be described as explosive growth. The company reports a staggering 50-fold increase in monthly trading volume, with the total annualized volume in Novig Cash surpassing $2 billion. According to Novig, more than 90% of trades on the platform are now fully peer-to-peer—a key indicator, they say, of strong product-market fit. In an industry notorious for customer churn, Novig claims its users are three times more likely to remain active compared to those on traditional betting platforms.
“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, in a statement released with the funding announcement. “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.” Fortinsky added, “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.”
Novig’s approach is built on accessibility and inclusivity. Every new user receives a starting balance of Novig Coins and Novig Cash, allowing them to get a taste of the platform’s trading experience with no upfront deposit or risk. The company offers both free-to-play and real betting options, broadening its appeal to a wider demographic of sports fans. This dual approach is seen as a clever way to onboard new users who may be curious about sports prediction markets but hesitant to risk their own money at the outset.
Backing from Forerunner and other major investors is no small feat. Fawzi Itani, Principal at Forerunner, praised Novig’s vision and execution, stating, “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.”
Novig’s journey began even earlier, with a $6.4 million seed round in 2023 that included an investment from Pro Football Hall of Famer Joe Montana. That initial funding helped lay the groundwork for the company’s rapid ascent. Now, with $18 million in fresh capital, Novig has ambitious plans for the future. The company intends to expand its coverage to additional sports, deepen its presence in existing markets, and launch new features such as leaderboards, group contests, and head-to-head trading. There are also plans to support fiat on-ramps like debit and credit card payments, roll out a full-featured web app, and ramp up hiring across engineering, product, and growth teams.
Novig’s model stands in stark contrast to the traditional sportsbook approach, which profits from a built-in advantage over the bettor. By removing the house edge, Novig claims to offer better pricing, full transparency, and a more efficient market structure. The company’s pitch is simple: a fairer, more community-driven experience that’s “rewarding and fun,” as Forerunner’s Itani put it.
Industry observers have taken note of Novig’s rapid ascent and its ability to attract top-tier investors. The company’s rise comes at a time when the broader gaming and entertainment sectors are seeing consumers increasingly blend financial and recreational activities. Novig’s framing of sports prediction as a peer-to-peer market—rather than a bet against the house—aligns with growing consumer demand for fairness and transparency in digital marketplaces.
According to Novig, the platform’s organic growth is a testament to the strength of its product and the passion of its user community. The company’s focus on eliminating the traditional sportsbook model has resonated with fans who care about price, product, and performance. As more than 90% of trades on Novig are now fully peer-to-peer, the firm believes it is setting a new standard for the industry.
Looking ahead, Novig’s leadership is bullish on the company’s prospects. The new funding will enable the firm to accelerate its roadmap, scale to more sports, and invest heavily in new features and user experience improvements. The company’s stated mission is to deliver the best sports prediction experience in the market, and with its latest funding round, it appears well-positioned to continue its rapid growth.
For those interested in learning more about Novig or following its progress, the company encourages visits to its website at novig.us or to follow its updates on X and LinkedIn. As Novig continues to innovate and expand, industry watchers will be keen to see if its peer-to-peer model can truly redefine the landscape of sports prediction markets in the United States and beyond.
With its bold approach, strong backing, and a rapidly growing user base, Novig is betting big on a future where sports prediction is fair, transparent, and open to all.
