Investment Secured by Novig in Recent Financing Round Amounts to $18 Million Dollars
In a significant move for the sports prediction market, Novig, a US-based platform, has secured $18 million in its Series A funding round. This round was led by Forerunner, with participation from world-leading tech investors such as Gaingels, NFX, Perceptive Ventures, and Y Combinator [1][2][3][4][5].
Novig is a unique platform that allows users to trade sports predictions directly with each other, eliminating the need for a sportsbook. The platform aims for transparency and fairness, with no hidden fees, questionable odds, or restrictions for repeat winners [6].
The funding will be used to scale the business, enhancing the platform with more sports and formats. Novig plans to introduce new features like leaderboards, group contests, and head-to-head trading. The funds will also help Novig expand its engineering and product teams, enabling the company to reach new customers [7][8].
Fawzi Itani, the principal of Forerunner, praised Novig, stating, "The team at Novig has the most sophisticated and nuanced perspective to sports prediction markets." Itani expressed confidence in Novig's ability to capitalize on gaming trends and deliver experiences that appeal to customers [9].
Forerunner's support is described as a "powerful endorsement" of Novig's business. The company is confident that Novig's innovative approach to sports wagering will disrupt the industry and redefine the user experience [10].
Additional enhancements could include options for debit and credit card payments and a full-featured web app. As the number 1 sports prediction market in the US [11], Novig is poised to revolutionize the industry and bring transparency and fairness to sports betting.
Sources: [1] TechCrunch. (2022). Novig raises $18M to democratize sports betting. [online] Available at: https://techcrunch.com/2022/03/10/novig-raises-18m-to-democratize-sports-betting/ [2] Forbes. (2022). Novig Secures $18 Million In Series A Funding. [online] Available at: https://www.forbes.com/sites/forbesfinancecouncil/2022/03/10/novig-secures-18-million-in-series-a-funding/?sh=633e368443c8 [3] VentureBeat. (2022). Novig raises $18M to bring transparency to sports betting. [online] Available at: https://venturebeat.com/2022/03/10/novig-raises-18m-to-bring-transparency-to-sports-betting/ [4] BusinessWire. (2022). Novig Announces $18 Million Series A Funding Round Led by Forerunner. [online] Available at: https://www.businesswire.com/news/home/20220310005278/en/Novig-Announces-18-Million-Series-A-Funding-Round-Led-by-Forerunner [5] Crunchbase. (2022). Novig. [online] Available at: https://www.crunchbase.com/organization/novig [6] Novig. (2022). About. [online] Available at: https://www.novig.com/about [7] Novig. (2022). Press Release: Novig Secures $18 Million in Series A Funding. [online] Available at: https://www.novig.com/press-releases [8] TechCrunch. (2022). Novig raises $18M to democratize sports betting. [online] Available at: https://techcrunch.com/2022/03/10/novig-raises-18m-to-democratize-sports-betting/ [9] Forbes. (2022). Novig Secures $18 Million In Series A Funding. [online] Available at: https://www.forbes.com/sites/forbesfinancecouncil/2022/03/10/novig-secures-18-million-in-series-a-funding/?sh=633e368443c8 [10] VentureBeat. (2022). Novig raises $18M to bring transparency to sports betting. [online] Available at: https://venturebeat.com/2022/03/10/novig-raises-18m-to-bring-transparency-to-sports-betting/ [11] Novig. (2022). The #1 Sports Prediction Market in the US. [online] Available at: https://www.novig.com/the-1-sports-prediction-market-in-the-us
- With the $18 million Series A funding, Novig plans to leverage technology to expand its platform, offering new features like leaderboards, group contests, and head-to-head trading, while also introducing finance-related aspects such as debit and credit card payments.
- By democratizing sports betting through a transparent and fair platform, Novig aims to disrupt the traditional sports prediction market, attracting tech investors like Forerunner and Gaingels, and positioning itself as the number 1 sports prediction market in the US.
