According to Bloomberg, Polymarket, a predictions platform, has successfully raised $70 million in two rounds of funding. The most recent round was spearheaded by Founders Fund, as confirmed by a company spokesperson. The platform, which also has Ethereum co-founder among its investors, has seen a significant increase in activity, particularly in election betting. Over $170 million has been wagered on events related to US elections, as per the company's website.
The investment in Polymarket marks the first time Founders Fund has invested in a platform that facilitates event-betting contracts, as stated by Krug. The platform, led by 25-year-old founder Shayne Coplan, allows users to trade on a wide range of topics, not just elections.
A spokesperson for Polymarket revealed that Founders Fund led a $45 million Series B funding round. Prior to this, General Catalyst had assisted the company in raising $25 million in a Series A round. Despite having no current revenue, the new funding values the company at a lower level than previous discussions. The company had previously been considering a valuation of nearly $1 billion before the CFTC action, as reported by Bloomberg.
Coplan, in an interview, expressed his belief in the potential of the market, despite acknowledging that it may not yield immediate dividends. He stated, 'Ultimately we have the deep conviction that markets on all the things that people are wondering about and have opinions on will exist.'
