According to The Block, decentralized prediction market platform Polymarket has completed a Series B funding round of $45 million. The round was led by venture capital firm Founders Fund, co-founded by Peter Thiel. Other participants include 1confirmation, ParaFi, Dragonfly, Ethereum co-founder Vitalik Buterin, and Eventbrite co-founder Kevin Hartz.
The company behind Polymarket also confirmed a previously undisclosed $25 million Series A funding round, led by General Catalyst. Participants in this round included Joe Gebbia from Airbnb and Polychain.
Polymarket utilizes the Ethereum blockchain and smart contracts to allow users to predict the outcomes of various real-world events in a transparent and trustless manner using stablecoins. Joey Krug, a partner at Founders Fund, stated in a statement that despite the Commodity Futures Trading Commission’s (CFTC) proposal to crack down on so-called event contracts, which involve derivatives betting on political contests and sports events, Polymarket still managed to secure new investments. In 2022, Polymarket reached a $1.4 million settlement agreement with the CFTC and agreed to shut down its frontend website service in the United States.
Polymarket CEO Shayne Coplan claims that since 2024, approximately $202 million worth of predictions have been made through Polymarket. According to their website, bets on the 2024 US presidential election alone exceeded $125 million.
Related report: “Snoop Dogg Announces Quitting Smoking! Polymarket Opens Betting on Whether He Will Keep His Promise.”
