Funding round of $18 million in Series A for Novig concluded, development of growth strategies to follow
Novig, a commission-free, peer-to-peer sports trading platform in the United States, has announced the completion of a $18 million Series A funding round. The funding round was led by Forerunner, with participation from investors such as Y Combinator and NFX.
Every sports fan has "a fair shot" on Novig, as the platform eliminates hidden fees, biased odds, and removes the risk of penalties for winning. The support from leading tech investors endorses Novig's mission to democratize sports betting for good.
Jacob Fortinsky, CEO and co-founder of Novig, stated that the company is the #1 sports prediction market in the US. With the new funding, Novig plans to use the capital for product development and expansion. The aim is to broaden its reach in existing markets and grow its coverage with the addition of new sports, such as golf, tennis, and combat sports.
Novig also intends to grow its product and engineering teams to support these expansions and improve platform robustness. The company plans to launch a full-featured web application to complement the existing mobile app, broadening accessibility and user engagement. Additionally, Novig will add payment options like debit and credit card support to allow fiat currency transactions, improving user access and liquidity on the platform.
To enhance the social and competitive aspects of its peer-to-peer sports prediction platform, Novig aims to develop new features like leaderboards, group contests, and head-to-head trading. The platform caters to users who are rewarded for their skill, rather than just offering sports predictions.
Fawzi Itani, Principal at Forerunner, expressed excitement about the latest funding round. Itani believes that Novig sits at the center of several key secular trends in gaming and entertainment. Novig's organic growth speaks to the strength of its product and the passion of its community.
Novig hired Chris Staszak as Senior Legal Counsel and Alex Wolf as Chief Legal Officer in June. The company's CEO, Jacob Fortinsky, emphasized that the funding will help scale the mission to democratize sports betting across more sports, formats, and users, solidifying Novig as a leading and fair peer-to-peer sports prediction market in the U.S.
The funding round also saw participation from existing investors such as NFX, Gaingels, Perceptive Ventures, and Y Combinator. Novig's peer-to-peer model allows sports bettors to trade directly with each other, effectively eliminating the house. The company's ambitions extend beyond the current peer-to-peer sweepstakes setup, as it explores CFTC (Commodity Futures Trading Commission) approval to potentially launch real-money betting markets alongside its current model.
In conclusion, Novig's Series A funding round is a significant step towards its goal of democratizing sports betting for all. With its commission-free, peer-to-peer model, Novig offers a "true peer-to-peer market" rather than just sports predictions. The company's focus on product development, expansion, and user experience will undoubtedly make it a force to reckon with in the sports betting industry.
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