Polymarket Raises $70m From Thiel’s Founders Fund, General Catalyst, Vitalik Buterin to Scale Global Prediction Market
- $45m Series B led by Founders Fund and existing investors 1confirmation and ParaFi and previously unannounced $25m Series A led by General Catalyst
- Other investors include Airbnb’s Joe Gebbia, Ethereum’s Vitalik Buterin, and Eventbrite’s Kevin Hartz
- Veteran futures industry exec Richard Jaycobs joins to work with former CFTC Chairman Christopher J. Giancarlo on strategic initiatives
May 14, 2024 07:00 AM Pacific Daylight Time
NEW YORK–(BUSINESS WIRE)–Polymarket, the world’s largest prediction market, announced today that it has raised $70m of new capital across two unannounced rounds: a $45m 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, as well as a $25m Series A led by General Catalyst, with participation from Airbnb’s Joe Gebbia, Polychain and other leading investors.
On Polymarket, traders predict the outcome of future events and earn when they are right. Traders react to breaking news in real time and market prices convey the likelihood of important events. 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 increasingly trusted by both the general public and news organizations, with publications including the New York Times, Newsweek and Bloomberg citing its predictions. With a record $202m worth of predictions made so far in 2024, the fundraise cements the company’s market leadership, while advancing its mission to make accurate, real-time event forecasts available to all as a public good.
“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,” Polymarket’s founder Shayne Coplan said. “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.”
To prepare for its next phase of growth, Polymarket has brought on veteran futures industry executive Richard Jaycobs as Head of Market Expansion. He will build out 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 as the CEO of The Clearing Corporation.
“I’m excited to work with Polymarket as it enters its next phase of growth,” Jaycobs said. “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.”
Jaycobs will work closely with former CFTC Chairman J. Christopher Giancarlo, who serves as Chairman of Polymarket’s Advisory Board.
“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.” Giancarlo said. “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.”
Founders Fund, known for backing Facebook, Stripe, Airbnb, and SpaceX among others, has made its bet in the market. “Polymarket has finally made the vision for prediction markets a reality – an opportunity that we have been passionate about for years,” said Joey Krug, Partner at Founders Fund. “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.”
About Polymarket
Polymarket is the world’s largest prediction market. On Polymarket, traders predict the outcome of future events and win when they are right. Traders react to breaking news in real time and market prices convey the likelihood of important events. Institutions, individuals and the media rely on these forecasts to report the news and better understand the future. Across politics, current events, pop culture and more, a record $202m worth of predictions have been made so far on Polymarket in 2024.
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