Polymarket Nears $200M Funding to Reach Unicorn Status

A Big Bet on Blockchain Betting

The Series C round, led by Peter Thiel’s Founders Fund, could push the company’s valuation to $1 billion, earning it “unicorn” status as one of the first betting platforms of its kind to hit that mark. While neither Polymarket nor Founders Fund has confirmed the deal, sources say it’s in the final stages.

Joey Krug, a partner at Founders Fund, told Blockworks the firm’s team got hooked on checking Polymarket during major news events, cementing their belief that it’s “the winner in this market.” The cash infusion is set to fuel the company’s push past regulatory roadblocks and expand its reach, especially in Asia and Europe.

Navigating Choppy Regulatory Waters

The funding comes despite Polymarket’s rocky history in the U.S. In January 2022, the company paid a $1.4 million fine to settle with the Commodity Futures Trading Commission for offering unregistered event-based swap contracts, leading to a ban on U.S. users.

Last November, FBI agents searched founder Shayne Coplan’s New York apartment and seized his phone as part of an ongoing probe. Yet, venture capital firms remain bullish, with Founders Fund and others like Dragonfly and Ethereum co-founder Vitalik Buterin doubling down on Polymarket’s potential.

The new capital will help tackle these regulatory challenges, with former CFTC chair J. Christopher Giancarlo on board as an advisor to guide talks with regulators.

Buterin, an investor, called Polymarket “a good social philosophy,” praising its ability to distill real-time information faster than polls or pundits. The company’s betting big on sorting out these issues to keep growing.

Fueling Global Growth

Polymarket’s already raised over $100 million, including $70 million across two rounds in 2024: a $25 million Series A led by 1kx and Naval Ravikant, and a $45 million Series B backed by Founders Fund and Buterin.

This latest $200 million round, the largest yet for a decentralized finance betting startup, will bankroll international expansion. With less restrictive rules in Asia and Europe, Polymarket sees huge potential to scale its platform, where users bet on everything from election outcomes to sports events.

The platform’s partnership with X, exposing it to over 600 million monthly users, adds to its global ambitions. The funding will also support tech upgrades to handle growing demand, as Polymarket’s markets have seen swings big enough to catch the eye of analysts like Nate Silver, who advised on their predictive models.