Blockchain-based platform Polymarket is preparing to close a $200 million funding round that would value the company at $1 billion.
Investments and Company Valuation
According to sources close to the matter, the round is expected to be led by Founders Fund, the venture capital firm co-founded by Peter Thiel. The funding will provide Polymarket with unicorn status.
Platform Growth and Challenges
Polymarket has previously raised over $100 million, including a $50 million investment earlier this year. The platform saw a surge in activity during the 2024 U.S. presidential election, with trading volumes exceeding $2.5 billion in November. The platform enables users to bet on real-world outcomes, such as central bank decisions and political races, while facing restrictions from regulators prohibiting participation by U.S. users.
Competition in the Prediction Market
Polymarket competes with other real-money forecasting platforms like Kalshi, which is also actively seeking partnerships to expand its audience. Kalshi recently signed an agreement with Robinhood and is engaging regulators for the rights to hold its forecast contracts.
Polymarket continues to grow and faces challenges amid strict regulations. The platform shows active user engagement, indicating potential development prospects.
