Novig Analysis: $6M Raised
What is Novig?
Novig is a sports prediction market enabling users to bet against each other, offering better odds and no fees to enhance winning chances.
Employees
14
Founded
2021
Revenue
<$5 Million
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Product Features & Capabilities
- Win Bigger, best odds, no fees, play against real people, two ways to play (Novig Coins for fun, Novig Cash for real prizes), set your own odds, transparent market insights, earn rewards and login bonuses, available in 42 states.
Pricing
- Free to Play: Play with unredeemable coins for fun.
- Play with Cash: Use Novig Cash, redeemable for real cash prizes.
How much Novig raised
Seed - $6.4 million
August 18, 2023Lead Investor: Lux Capital, Y Combinator, Joe Montana, Paul Graham, and others.
Who are the founders of Novig
JF
Jacob Fortinsky
Founder & CEO
KU
Kelechi Ukah
Co-founder & CTO
Business Model
Revenue from market makers, professional bettors, and data monetization; no fees for users.
Market Focus
Novig primarily focuses on the sports prediction market industry, allowing users to engage in sports betting against other individuals with better odds and no fees compared to traditional sportsbooks.
Competitors Overview
Novig operates in the sports prediction market, and its main competitors include:
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Sporttrade: A peer-to-peer betting exchange that allows users to trade sports bets like stocks. It offers a similar user experience to Novig but focuses more on the trading aspect of betting.
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BetMGM: A
Investors
- Novig has raised $6.4 million in seed funding.
- The investors include:
- The Venture Reality Fund
- The Chernin Group
- The Founders Fund
- Other undisclosed investors
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