Novig, a New York-based provider of a commission-free sports betting exchange, raised $6.4M in Seed funding.
The round was led by Lux Capital with participation from Y Combinator, Paul Graham, Joe Montana, Soma Capital, Innospark Ventures, Rebel Fund, Bayhouse Capital, Arash Ferdowsi (Dropbox), Austen Allred, Alan Rutledge, Ravi Sheth, Archon Capital, Palm Drive Capital, TRAC, True Culture Fund, CapitalX, and others.
The company intends to use the funds to expand operations and its business reach.
Founded by Jacob Fortinsky and Kelechi Ukah, Novig is a high-frequency, commission-free sports betting exchange that enables users to bet directly against friends or the market, rather than the house. In advance of the platform’s launch in Colorado this October, Novig has entered a 10-year partnership with Full House Resorts and its Bronco Billy’s Casino property in Cripple Creek, CO. This follows its beta test which saw 200 users compete in a two-week long pre-launch trading tournament where 15,500 orders were placed across 1,290 markets.
Upon launch, NFL, NBA and MLB will be available. Customers will be able to place bets on the Moneyline, Point Spread, Game Totals, and Team Futures, both pre-game and in-game.
FinSMEs
23/08/2023