Novig
14 known investors
Novig is a sports prediction and trading platform designed for traders that prioritizes transparent odds and user experience without excluding profitable users. The platform operates as an alternative to traditional sportsbooks by centering fairness and transparency in the sports betting industry.
Also known as NoVig Β· Novig, Inc.
Founders & leadership
Investors Β· 14
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Also in the syndicate Β· 4
Funding
SEC filings, press & company announcements$75M disclosed across 1 of 3 rounds Β· 2023β2026
- $75MSeries BFeb 2026 Β· 3 sources
Pantera Capital (lead), Edge Equity, Forerunner, Makers Fund, Multicoin Capital, NFX, Perceptive Ventures, Y Combinator
Source β - Undisclosed amountSeries AAug 2025 Β· 2 sourcesSource 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 US sports trading platform that runs a commission-free, peer-to-peer exchange for sports outcomes using an order-book model rather than the traditional against-the-house sportsbook structure. Users can take the best available price or set their own odds, view live market liquidity and multiple levels of the order book, and trade markets across professional and college football and basketball, baseball, soccer, hockey and combat sports, including player props, futures and live in-game trading.
The consumer product is delivered through an iPhone app published by Novig, Inc. and operates under a sweepstakes framework with two play modes: Novig Coins, which are non-redeemable and used for free play, and Novig Cash, which can be redeemed for cash prizes. The company states it is available in more than 35 states and applies age and eligibility restrictions. In February 2026 the company said it had submitted an application to the U.S. Commodity Futures Trading Commission to become a licensed Designated Contract Market, with the intention of phasing out the sweepstakes offering and operating as a federally regulated prediction market available in all 50 states.
Novig was founded in 2021 by Jacob Fortinsky (CEO) and Kelechi Ukah (CTO) and participated in Y Combinator's Summer 2022 batch. It is headquartered in New York City and reported a team of more than 50 people as of early 2026.
Founding story
Founder and CEO Jacob Fortinsky, who has background in investment banking, legislative research and financial trading, had bet sports and was banned from sportsbooks for being profitable. Frustrated by what he described as inefficiency and discrimination in the industry, he set out to build a public betting exchange, co-founding the company with CTO Kelechi Ukah.
Business model
Novig runs a two-sided exchange in which users trade sports outcomes against one another rather than against a house book. The company states it charges no commission to individual traders and instead positions itself on market-driven odds, transparency and liquidity depth; it has said it is onboarding institutional liquidity providers to deepen its order books. The current consumer offering operates under a sweepstakes framework combining free-play Novig Coins with redeemable Novig Cash, with a stated plan to transition to a CFTC-regulated exchange model.
The company describes its sports trading as commission-free for individual users, with no fees charged on trades.
Traction
Novig reported a 10x increase in trading volume during 2025, with annualized trading volume exceeding $4 billion as of February 2026. Its iOS app holds a 4.7 average rating across approximately 3,900 ratings and ranked #57 in the App Store Sports category at the time of capture. The company reported availability in more than 35 states and headcount above 50, with Y Combinator listing a team size of 55.
Latest developments
In February 2026 Novig announced a $75M Series B led by Pantera Capital at a $500M post-money valuation, bringing total capital raised to more than $105M, alongside its application to the CFTC to become a licensed Designated Contract Market. Management said it planned to phase out the sweepstakes product within roughly six months and grow headcount from about 50 to 65, directing capital toward marketing, product development, deeper liquidity and advanced trading tools.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Novig describes itself as America's leading and fastest-growing sports trading platform and positions itself as a sports-purpose-built alternative within the broader prediction market category, where general-purpose venues such as Polymarket and Kalshi have raised capital at multibillion-dollar valuations and sportsbook operators including DraftKings, FanDuel and Fanatics are entering the space. Its stated $500M post-money valuation places it well below those venues in scale.
The company differentiates on a peer-to-peer, commission-free exchange structure with no house edge or hidden vig, no punitive limits on winning players, user-settable odds, and order-book transparency. Investors and the company cite a claim that 23% of Novig users are profitable versus 2% on traditional platforms, and that users are ten times more likely to win than on conventional sportsbooks.
Technology
The platform is built around an order-book exchange for sports markets, exposing live market liquidity and multiple levels of the book to users, with real-time trading tools, user-set limit odds, hedging of positions, live in-game trading, deposits and payouts. It is distributed as an iOS application.
Go-to-market
Novig acquires users directly through its consumer mobile app and website, supported by promotional offers such as new-player deposit credits, sign-up bonuses, daily login bonuses, referral programs and trading rewards. The company has said new capital will be directed toward marketing and hiring.
Sports fans and sports bettors in the United States, including sharp or profitable traders who face limits or exclusion at traditional sportsbooks, as well as casual users using the free-to-play coin mode.
Geography
United States, headquartered in New York City, with the consumer product available in more than 35 states and roles posted in New York and remote across the US. The company has stated an objective of nationwide availability across all 50 states following federal registration.
History
Founded in 2021 and part of Y Combinator's Summer 2022 batch, Novig received Y Combinator investment in 2022 and closed a seed round in 2023 with participation from venture funds and Joe Montana. It launched initially as an online sports betting operator, then pivoted to a sweepstakes model in late 2024. An $18M Series A was announced in August 2025, followed by a $75M Series B at a $500M post-money valuation in February 2026. The company has applied to the CFTC for a Designated Contract Market license and has stated plans to phase out sweepstakes in favor of a federally regulated prediction market.
Risks & controversies
The company's transition from a sweepstakes framework to a federally regulated exchange depends on approval of its pending CFTC Designated Contract Market application, and its product is not available in all states and carries age and eligibility restrictions. App store disclosures note that trading in futures, options and swaps involves substantial risk of loss. User reviews cite delays in trade acceptance, trades rejected without notification, and reported difficulties with redemptions. The company competes with better-capitalized prediction market venues and major sportsbook operators.
Compiled by commissioned research from 8 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· 9
launches, deals, and filingsY Combinator's company page lists a news item reporting that Novig won CFTC approval as competition intensified 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, bringing total capital raised to more than $105 million.
$75M source β
Novig submitted an application to the U.S. 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.
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.
Novig announced an $18 million Series A and was described as the fastest growing sports prediction market.
$18M source β
Novig initially launched as an online sports betting operator before pivoting to a sweepstakes-based peer-to-peer exchange in late 2024.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Novignovig.us Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Novig do?
- Novig operates 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.
- Who are Novig's investors?
- Novig's investors include Lux Capital, Y Combinator, Amino Capital, Neer Venture Partners, NFX, Pantera Capital, Perceptive Ventures Management Company, Llc, TRAC (Third Round Analytics Capital) and 2 more.
- How much funding has Novig raised?
- Novig has disclosed $75M raised across 1 of its 3 known rounds.