Novig
YC S22New York City, US Β· Founded 2021 Β· 55 employees Β· Hiring Β· 13 known investors
Novig operates a sports prediction market where users can trade on sporting outcomes without paying commissions. The platform replaces the traditional sportsbook model with a commission-free structure aimed at offering better pricing and market transparency.
Also known as Novig, Inc.
Founders & leadershipΒ· Y Combinator alumni (S22)
Novig was founded in 2021 by Jacob Fortinsky and Kelechi Ukah.
Investors Β· 13
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Also in the syndicate Β· 4
Funding
SEC filings, press & company announcements$75M disclosed across 1 of 4 rounds Β· 2023β2026
- $75MSeries BFeb 2026 Β· 3 sources
Pantera Capital (lead), Edge Equity, Forerunner, Makers Fund, Multicoin Capital, NFX, Perceptive Ventures
Source β - Undisclosed amountSeries AAug 2025 Β· 3 sources
Forerunner (lead), Forerunner Ventures (lead), Gaingels, NFX, Perceptive Ventures, Y Combinator
Source β - Undisclosed amountSeed RoundAug 2023Source β
Source: company announcements and press reports β follow each round's link for the claim.
Valuation Β· disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed β follow each entry's link for the claim.
Company profile
researched Aug 2026Novig is a New York-based sports trading platform that operates a peer-to-peer exchange for wagering on sporting outcomes. Rather than an against-the-house sportsbook model, Novig matches users against one another on an order book, producing market-driven odds and eliminating the built-in commission known as the "vig" β the source of the company's name. The platform does not charge trading fees to retail users and states that it does not impose limits on consistently winning players.
The company's consumer product is a mobile app (iOS, developed by Novig, Inc.) offering markets on professional and college football and basketball, baseball, soccer, hockey and combat sports, with player props, futures and live in-game trading. Novig launched publicly in September 2024 under a dual-currency sweepstakes framework in which users buy "Novig Coins" that carry a gift of "Novig Cash," the latter redeemable for U.S. dollars. The company subsequently applied to the Commodity Futures Trading Commission for a Designated Contract Market license in order to phase out sweepstakes and operate as a federally regulated exchange available in all 50 states; a Y Combinator news listing dated June 2026 refers to Novig winning CFTC approval, and the company has announced a nationwide launch of a federally regulated sports prediction market and a responsible trading framework.
Novig was part of Y Combinator's Summer 2022 batch and is categorized in fintech, marketplace, sports tech and gaming. Headcount was reported at more than 50 in February 2026, with management projecting growth to roughly 65, and the Y Combinator profile lists a team size of 55.
Founding story
Y Combinator's profile states that founder and CEO Jacob Fortinsky, who has experience in investment banking, legislative research and financial trading, was a long-time sports bettor who was banned from sportsbooks for being profitable and, frustrated by industry inefficiency and discrimination, set out to build a public betting exchange. He co-founded the company with CTO Kelechi Ukah.
Business model
Novig operates a two-sided exchange in which users trade sports outcomes against each other rather than against the platform. Because it is structured as an exchange, it operates without a hold and does not charge trading commissions to retail users.
Sportico reported that Novig makes money by monetizing the data it collects and through market making, with the company saying market making accounts for a small share of total activity on its app.
Traction
Novig reported a 10x increase in trading volume during 2025 and annualized trading volume above $4 billion as of February 2026, up from more than $2 billion annualized reported in August 2025 alongside a 50-fold increase in monthly trading since its September 2024 public launch. Its iOS app holds a 4.7 rating from about 3,900 ratings and has appeared at #57 in the App Store Sports category.
Latest developments
In February 2026 Novig closed a $75 million Series B led by Pantera Capital with Multicoin Capital, Makers Fund, Edge Equity, Forerunner, Perceptive Ventures and NFX, bringing total funding above $105 million, and submitted its CFTC Designated Contract Market application with plans to retire the sweepstakes product within six months. Subsequent company announcements cover a nationwide launch of its federally regulated sports prediction market following CFTC designation and the adoption of a responsible trading framework.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Novig describes itself as the fastest-growing sports trading platform in America. It competes with CFTC-regulated prediction markets Kalshi and Polymarket, which have raised at multibillion-dollar valuations, and with sportsbook operators such as DraftKings, FanDuel and Fanatics that are entering the prediction market category; Novig's $500M Series B valuation is materially below those of Kalshi and Polymarket. In September 2025, Kalshi and Polymarket were reported to have approached Novig about an acquisition.
Novig positions itself as purpose-built for sports traders, in contrast to general prediction markets where sports is the largest category but not the design focus. Its stated differentiators are commission-free peer-to-peer trading, no house edge or hidden vig, and no punitive limits on winning players; the company and lead investor Pantera cite 23% of Novig users being profitable versus 2% on traditional platforms.
Technology
The platform uses an order-book exchange model to generate market-driven odds, with real-time trading tools, live in-game trading, hedging of positions, player props and futures markets delivered through a mobile app.
Go-to-market
Distribution is primarily through a consumer iOS app with promotional offers such as deposit-match trade credits, sign-up bonuses, daily login rewards and referral programs. Series B proceeds were directed toward marketing and hiring, and the company recruits for engineering, marketing, customer experience, legal, finance operations and market operations roles.
U.S. sports bettors and sports traders aged 21 and over, including active or "sharp" bettors seeking better pricing than traditional sportsbooks, plus institutional liquidity providers the company is onboarding.
Geography
United States only. Novig launched across 42 states in September 2024 and was available in close to 40 states as of September 2025, having exited Colorado, New Jersey and other states amid state-level regulation; its CFTC application targets availability in all 50 states.
History
Founded in 2021 and part of Y Combinator's Summer 2022 batch, Novig raised a seed round in 2023 that included Joe Montana, debuted as a registered sports betting operator in Colorado in January 2024, then pivoted to a sweepstakes model and launched publicly across 42 states in September 2024. It raised an $18 million Series A led by Forerunner Ventures in August 2025, withdrew from several states as anti-sweepstakes laws passed, and closed a $75 million Series B led by Pantera Capital at a $500 million post-money valuation in February 2026 while pursuing CFTC Designated Contract Market status.
Risks & controversies
Novig's sweepstakes structure drew regulatory pressure: the Arizona Department of Gaming issued a cease-and-desist order alleging an unregistered sports betting product, and New Jersey legislation signed in August 2025 banning most dual-currency sweepstakes prompted Novig to restrict access there β at least its fourth state exit since launch, following similar laws in Montana and Connecticut and pending bills in New York and California. Unlike Kalshi, which has litigated against states, Novig has withdrawn from jurisdictions where it was challenged. Its planned transition to a CFTC-regulated exchange depends on regulatory approval, and App Store reviewers have cited trade-acceptance delays and redemption/security friction.
Compiled by commissioned research from 7 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 2
by search overlapCompanies competing with Novig for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 11
launches, deals, and filingsY Combinator's company page links a June 16, 2026 news item reporting that Novig received CFTC approval amid intensifying competition in sports prediction markets.
Novig announced a $75 million Series B led by Pantera Capital with participation from Multicoin Capital, Makers Fund, Edge Equity and existing investors Forerunner, Perceptive Ventures and NFX, valuing the company at $500 million post-money and bringing total capital raised above $105 million. Proceeds were earmarked for product development, deeper liquidity, institutional liquidity onboarding, marketing and hiring.
$75M source β
Novig submitted an application to the Commodity Futures Trading Commission to become a licensed Designated Contract Market, a step toward operating as a federally regulated exchange available in all 50 states; the CEO said the company plans to phase out its sweepstakes offering within six months.
Novig announced the adoption of a responsible trading framework for federally regulated prediction markets, describing itself as the first platform to codify a broad set of such responsible trading measures.
Novig announced the nationwide launch of its federally regulated sports prediction market following its designation from the U.S. Commodity Futures Trading Commission.
Front Office Sports reported that multiple suitors, including Kalshi and Polymarket, approached Novig about buying the company; it was not clear whether formal offers were made, and a source said Novig was not actively for sale.
Novig emailed New Jersey users that it would restrict platform usage in the state beginning August 15, 2025, days after its $18M raise and shortly before Gov. Phil Murphy signed a bill banning most dual-currency sweepstakes. Sportico reported this was at least the fourth state exit since Novig's 42-state launch, and that Novig had also received a cease-and-desist order from the Arizona Department of Gaming over an allegedly unregistered sports betting product.
Novig announced an $18 million Series A led by Forerunner Ventures, bringing total capital raised at the time to roughly $33 million.
$18M source β
Novig launched publicly in September 2024 under a dual-currency sweepstakes framework, available in as many as 42 states at launch, after debuting as a registered sports gambling operator in Colorado in January 2024.
Novig launched in Colorado as a registered sports gambling entity before pivoting to the sweepstakes model later in 2024; it no longer operates in Colorado.
Novig participated in Y Combinator's Summer 2022 batch and received a Y Combinator investment to support its US sports betting ambitions.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 7
primary sources listed
- Novig: Prediction Market App - App Storeapps.apple.com Β· web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Novig do?
- Novig runs a commission-free, peer-to-peer sports prediction market and trading app in the United States.
- Who founded Novig?
- Novig was founded by Jacob Fortinsky, Kelechi Ukah in 2021.
- Who are Novig's investors?
- Novig's investors include Forerunner Ventures, Makers Fund, Multicoin Capital, Palm Drive Capital, Pantera Capital, Unpopular Ventures, Y Combinator, Gaingels and 1 more.
- How much funding has Novig raised?
- Novig has disclosed $75M raised across 1 of its 4 known rounds.
- Where is Novig headquartered?
- Novig is headquartered in New York City, US.