Polymarket Seeks $1 Billion in New Funding at $21 Billion Valuation
Forecast Trend Report by Period
Blockchain-based prediction market platform Polymarket is seeking a new $1 billion funding round that would lift its valuation to $21 billion.
Bloomberg reported on Aug. 31 that venture capital firm 1789 Capital is leading the round. The financing would total $1 billion and value the company at $21 billion on a post-money basis.
1789 Capital plans to invest about $300 million of the total. Earlier reports said Polymarket had been discussing a new fundraising round at a valuation above $20 billion.
Polymarket was valued at $15 billion in a funding round in April. Global investment firm D.E. Shaw and venture capital firm G Squared joined as new investors at the time. Intercontinental Exchange, the parent company of the New York Stock Exchange, also completed a $1.6 billion investment in Polymarket this year.
The fundraising comes as the company pushes to expand its institutional investor base. Polymarket is seeking regulatory approval to offer margin trading in the US to attract more professional investors. The company declined to comment on the investment.
Valuations across the prediction-market industry are also rising quickly. Rival Kalshi was valued at $22 billion in a funding round in May. It has recently been discussing a new raise that could lift that figure to $40 billion.
Regulatory uncertainty around prediction markets in the US remains. State governments argue they have oversight authority over prediction markets, while platforms maintain that prediction contracts fall under the jurisdiction of federal derivatives regulators.
A recent ruling by a US federal appeals court favored state governments that have asserted oversight authority over prediction markets. The dispute over who regulates the sector could eventually reach the Supreme Court.
Donald Trump Jr., a partner at 1789 Capital, serves as an adviser to both Polymarket and Kalshi.
