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Polymarket on the Verge of Raising $200M at $1B Valuation: Report
Peter Thiel’s Founders Fund leads the round, and the $200 million includes $50 million in previously unannounced funding.
What to know:
- Polymarket is nearing a $200 million funding round led by Founders Fund, valuing the platform at $1 billion, including $50 million in previously unannounced funding.
- The blockchain prediction market saw record traffic in May (15.9 million visits), surpassing FanDuel, DraftKings, and Betfair, with $8 billion in bets during the U.S. election cycle.
- Polymarket recently partnered with Elon Musk’s xAI as its official prediction market and is reportedly exploring a token launch.
Blockchain-based prediction market Polymarket is edging closer to a $200 million raise at a $1 billion valuation, The Information reported, citing people familiar with the plan.
Peter Thiel’s Founders Fund is said to be leading the round, the report added. The $200 million figure includes $50 million that was raised in previously unannounced funding.
STORY CONTINUES BELOW
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According to SimilarWeb, Polymarket notched a record high in terms of website traffic in May with 15.9 million visits, more than rival betting markets FanDuel, DraftKings and Betfair.
Polymarket's continued rise comes after a U.S. election year that saw around $8 billion worth of bets placed on the platform. It was also widely cited during the election as a data source for predicting the outcome. According to a Dune data scientist, betting markets on Polymarket predict outcomes with up to 94% accuracy.
Earlier this month, Polymarket signed a deal with Elon Musk's xAI company, becoming the official prediction market partner for xAI and X.
Last September, a separate report by The Information claimed that Polymarket was looking into launching its own token.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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