Trump Jr.-Linked Firm Reportedly Leads Billion-Dollar Funding Round For Polymarket, Pushing Valuation to $21 Billion

1789 Capital, the venture capital firm linked to Donald Trump Jr., is leading a new funding round for Polymarket, valuing the prediction market platform at $21 billion, according to a report published on Monday.Polymarket Inching Closer to Kalshi?Polymarket, based on Polygon , is preparing to raise $1 billion, including a $300 million investment from 1789 Capital, the New York Times reported, citing a spokesperson from 1789 Capital.Benzinga reached out to 1789 Capital for confirmation. A response from Polymarket is also awaited.1789 Capital had previously invested about $200 million in Polymarket, which was valued at approximately $15 billion before this funding round.The proposed valuation would put the platform nearly level with rival Kalshi, which in May. Read Also: Trump Jr.’s Interest in Prediction Markets1789 Capital, which says it invests in “great American companies,” lists Trump Jr. as a partner whose role centers on new investment origination, capital raising and strategy.The firm has reportedly, largely driven by an early investment in Polymarket. 1789 Capital first invested in Polymarket when the prediction market platform was valued at around $300 million.Interestingly, Trump Jr. also serves as a strategic adviser to Kalshi.Prediction Markets Drive a WedgeThese investments coincided with the Trump administration’s strong endorsement of the prediction market industry.President Donald Trump insisted that the , while CFTC Chairman Mike Selig has also vowed to defend its “exclusive jurisdiction.”The regulator had previously filed lawsuits against Arizona, Connecticut, Illinois, New York and Wisconsin and secured a preliminary injunction against state regulation of CFTC-regulated prediction markets in Arizona.The fight has escalated as Sen. Adam Schiff (D-Calif.) and Sen. John Curtis (R-Utah) pushed legislation to ban CFTC-regulated platforms from offering sports-related contracts. Read Also: George Santos Gets Kalshi's First-Ever Lifetime Ban Kalshi and Benzinga have an existing data collaboration agreement.Photo Courtesy: Lev Radin on Shutterstock.com