Press releases and global market entry announcements from Polymarket

Founders Fund Leads $45M Series B for Polymarket, Total Funding Reaches $70M Amidst Regulatory Scrutiny

May 14, 2024, 02:01 PM

Peter Thiel’s venture-capital firm Founders Fund is betting on one of the largest crypto-based prediction markets, Polymarket, even as a key US regulator steps up efforts to restrict activity on such platforms. Polymarket completed a $45 million Series B round of financing, led by Founders Fund, bringing its total funding to $70 million across two rounds, including a Series A led by General Catalyst. Other backers include Ethereum co-founder Vitalik Buterin. The new investment comes amidst a proposed ban on trading of derivatives betting on political contests and sports games from the US Commodity Futures Trading Commission (CFTC). Polymarket is enjoying a big year ahead of the U.S. presidential election.