Polymarket, a decentralized prediction platform, is reportedly nearing a $200 million funding round, which would elevate its valuation to over $1 billion.
Polymarket Funding History
Earlier in 2024, Polymarket announced two major funding rounds in May, totaling $70 million. Notable investors include Joe Gebbia, co-founder of Airbnb, and Vitalik Buterin, co-founder of Ethereum. The complete funding rounds are as follows:
- Seed: Oct 2020 — $4M (Polychain, others) - Series A: May 2024 — $25M (General Catalyst, Gebbia) - Series B: May 2024 — $45M (Founders Fund, Vitalik Buterin) - Pending: June 2025 — $200M+ (Founders Fund expected)
Surge in Popularity During U.S. Elections
Since its launch, Polymarket has significantly increased its popularity during the 2024 U.S. presidential election cycle, with over $3.3 billion wagered on key political outcomes. This led to increased mentions of the platform in mainstream media, as not all its odds aligned with traditional polling, raising discussions about the predictive power of decentralized markets.
Regulatory Focus and Future Plans
Polymarket appointed former CFTC Chairman J. Christopher Giancarlo to lead its advisory board in May 2022, marking a clear shift towards compliance and long-term U.S. operational ambitions. However, due to regulatory limitations, the platform continues to operate offshore for U.S.-specific prediction markets, having previously settled with the CFTC and remaining under scrutiny as discussions evolve around prediction markets and gambling laws.
With the upcoming $200 million round, Polymarket is not only positioning itself as a leader in blockchain-based prediction markets but may also set a precedent in regulatory practices in this field.
