{"id":346719,"date":"2025-08-12T17:52:26","date_gmt":"2025-08-12T22:52:26","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/12\/novig-closes-18-million-series-a-funding-round\/"},"modified":"2025-08-12T17:52:26","modified_gmt":"2025-08-12T22:52:26","slug":"novig-closes-18-million-series-a-funding-round","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/12\/novig-closes-18-million-series-a-funding-round\/","title":{"rendered":"Novig closes $18 million Series A funding round\u00a0"},"content":{"rendered":"

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\"novig<\/div>\n

Novig, the peer-to-peer prediction market, declared a funding round that closed at $18 million.<\/p>\n

The main contributors to this round of investment included Forerunner, Y Combinator, NFX, Perceptive Ventures, and Gaingels.<\/p>\n

Novig announces $18 million investment round<\/span><\/h2>\n

The prediction market in America is heating up with a list of suitors that allow bettors to stake on markets such as election results, weather patterns, and a host of novelty bets. We reported on the success that Kalshi and Polymarket<\/a> have had across this year and their legal battles to operate across America.<\/p>\n

Novig is a sportsbook exchange that is permitted to operate in forty US states and is gaining traction amongst prediction gamblers. The format is similar to British and EU sportsbook exchanges such as Betfair Exchange that offer events that pit players’ predictions against each other.<\/p>\n

The platform, founded by Jacob Fortinsky and Kelechi Ukah, posted on social media about the landmark funding round.<\/p>\n

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@Novig<\/a> just raised an $18M Series A round led by @forerunner<\/a>.<\/p>\n

Here\u2019s how we became the fastest-growing sports prediction market in America \"\ud83e\uddf5\" pic.twitter.com\/NsHsRwB8Ec<\/a><\/p>\n

— Jacob Fortinsky (@j__fort) August 11, 2025<\/a><\/p>\n<\/blockquote>\n

How does Novig work?<\/span><\/h2>\n

Novig uses a format that involves two branded online currencies, Novig Cash and Novig Coins, used to partake in \u201cfreemium\u201d games, and can also be purchased for sweepstakes and the trading element of the site. According to the Novig site, the two currencies are color-coded.<\/p>\n

Novig Cash, the blue currency, is \u201credeemable for real cash prizes (USD) if your trades win; subject to playthrough requirements.\u201d Novig Coins, the yellow currency, is \u201cused exclusively for practice trading and cannot be redeemed for real currency,\u201d according to the articles posted on Novig<\/a>.<\/p>\n

The future looks positive for the sports prediction platform<\/span><\/h2>\n

Since its public launch in September 2024, it has achieved a reported fifty times its original monthly trading volume, which has rapidly increased, and the online currency is now at 2 billion Novig cash.<\/p>\n

One of the investors, Fawzi Itani, Principal at Forerunner, said, \u201cThe 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.\u201d<\/p>\n

Novig intends to expand with the new round of funding from Itani and the other investors. The company has plans, according to the release<\/a>, to add additional sports to the trading element of the platform.<\/p>\n

\u201cWith the new capital, Novig plans to expand coverage to additional sports and deepen its presence in existing markets. The company will also launch new features, including leaderboards, group contests, and head-to-head trading,\u201d said the Novig release.<\/p>\n

It is also looking to support debit and credit card payments, a web app, and hire more bodies across its engineering, product, and growth teams.<\/p>\n

In addition to being the co-founder, Fortinsky operates as the prediction provider\u2019s<\/a> CEO. He spoke about the platform’s success, saying, \u201cWe 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.\u201d<\/p>\n

Featured image credit: Novig official<\/a>.<\/em><\/p>\n

The post Novig closes $18 million Series A funding round\u00a0<\/a> appeared first on ReadWrite<\/a>.<\/p>\n