Prediction market company Polymarket announced that it has raised $70 million of funding across two unannounced rounds: a $45 million Series B led by Founders Fund and existing investors 1confirmation and ParaFi, with participation from Ethereum founder Vitalik Buterin, Dragonfly and Eventbrite’s co-founder Kevin Hartz, and a $25 million Series A led by General Catalyst, with participation from Airbnb’s Joe Gebbia, Polychain and other leading investors.
With Polymarket, traders predict the outcome of future events and earn when they are right. They react to breaking news in real time, and market prices convey the likelihood of important events. The market forecasts span politics, current events, pop culture, and more. Trading is unavailable in the United States and other restricted jurisdictions, while market forecasts are available freely worldwide.
Polymarket’s forecasts are becoming more trusted by the general public and news organizations. With a record $202 million worth of predictions made so far this year, the funding cemented the company’s market leadership while advancing its goal of making accurate, real-time event forecasts available to all as a public good.
Polymarket has also hired veteran futures industry executive Richard Jaycobs as Head of Market Expansion. Jaycobs will develop a range of strategic initiatives, including exploring the prospect of US-regulated activities. Jaycobs brings decades of experience at the frontiers of financial markets, including serving as President of the Cantor Exchange and CEO of The Clearing Corporation.
Jaycobs will be working closely with former CFTC Chairman J. Christopher Giancarlo, who serves as Chairman of Polymarket’s Advisory Board.
KEY QUOTES:
“I started Polymarket because I believe that market-based forecasts will inevitably become an integral part of how we follow news and find truth on the internet. It has been humbling to see that vision begin to materialize at scale – with so many people relying on Polymarket when following important current events.”
- Polymarket’s founder Shayne Coplan
“I’m excited to work with Polymarket as it enters its next phase of growth. I’ve been involved in the registration and operation of over a dozen innovative financial derivatives exchanges and clearinghouses over the course of my 30-year career. Regulated markets serve an important economic role for commercial interests and offer exceptional transparency for public policy makers. Polymarket’s unprecedented global volume demonstrates that their markets are particularly relevant for the general public.”
- Richard Jaycobs
“Over the last three years I have watched the growth and evolution of Polymarket’s product, business and team. They have demonstrated their commitment to building a strong and sustainable business. As the considerations in this space continue to evolve, this financing puts Polymarket in a remarkable position to capitalize on and expand its international success and product leadership.”
- J. Christopher Giancarlo
“Polymarket has finally made the vision for prediction markets a reality – an opportunity that we have been passionate about for years. Internally at Founders Fund we developed a habit of checking Polymarket at times of breaking news. The tangible benefits of using Polymarket as a complement to consuming news on social and mainstream media was obvious. It became clear to us that Polymarket was the winner in this market.”
- Joey Krug, Partner at Founders Fund
