Polymarket Raises $70 Million With Backing From Peter Thiel and Vitalik Buterin

May 14, 2024, 03:00 PM

Decentralized prediction market Polymarket has successfully raised $70 million across two funding rounds. The most recent round, a $45 million Series B, was led by Founders Fund and included participation from Ethereum co-founder Vitalik Buterin, 1confirmation, ParaFi, and Dragonfly. The earlier $25 million Series A round was led by General Catalyst and included Polychain and other investors. This funding comes amid regulatory scrutiny, with the US Commodity Futures Trading Commission proposing a ban on trading derivatives betting on political contests and sports games. Polymarket, which focuses on elections and other prediction markets, has faced challenges, including a fine from the CFTC in 2022. The company has no revenue yet.