Polymarket to close a $200 million fundraise at a $1 billion valuation: report
The decentralized prediction market developer Polymarket is "nearing a deal" for a $200 million fundraise, netting the firm a $1 billion valuation, The Information reports, citing people familiar with the matter.The fresh financing could suggest renewed investor interest in decentralized prediction markets after the frenzy spurred by the United States presidential election late last year. And while Polymarket's monthly trading volume has since fallen in the first few months of 2025, the firm's reported unicorn status arrives as it recently experienced month-over-month increases in trading volume. The Block reached out to Polymarket for confirmation and additional comment.Polymarket's $200 million financing would build off its $45 million Series B raise in May 2024, as well as $25 million in an unannounced Series A financing led by venture firm General Catalyst. The firm also considered raising an additional $50 million in September of last year in addition to launching its own token, which users could use to resolve their wagers, The Block previously reported.Polymarket's total financing would likely put it ahead of its competitor Kalshi, which raised $30 million in a 2021 Series A round as well as "tens of millions" in short-term loans from venture firms last year, TechCrunch reported at the time, citing anonymous sources.Polymarket allows users to bet on the outcome of future events within politics, sports, economics, and other real-world events on its peer-to-peer, blockchain-based platform. Polymarket gained popularity ahead of the 2024 U.S. presidential election between Republican nominee Donald Trump and Democratic candidate Kamala Harris. The prediction market on whether Trump or Harris would win amassed over $3 billion in trading volume alone one day before the election's results on Nov. 4, 2024.Polymarket's overall trading volume and active users have since trended downward after the presidential race concluded and Trump won. However, Polymarket saw three consecutive months of increased spot trading volume since March, first showing a 21% month-over-month increase between March and April and a 17% increase between April and May, The Block's Data Dashboard shows. May was also the first time Polymarket broke $1 billion in monthly trading volume since January of this year.Polymarket raised $13.89 billion in cumulative volume as of May. However, much of that volume has been outside of the U.S. after the Commodity Futures Trading Commission fined Polymarket a $1.4 million civil monetary penalty, prompting the firm to wind down operations in the country.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.