Venture capital firm 1789 Capital is leading the round with an expected investment of about $300 million.
Polymarket is set to raise $1 billion at a $21 billion valuation, with 1789 Capital leading the latest funding round and expected to invest roughly $300 million, Bloomberg reported Monday, citing people familiar with the matter.
The deal would value the prediction-market platform about 40% higher than its $15 billion valuation in April, when D.E. Shaw and G Squared invested. ICE, the New York Stock Exchange’s owner, also made a $1.6 billion investment in Polymarket earlier this year.
Polymarket is raising the new capital as it works to attract institutional traders and seeks US regulatory approval to offer margin trading.
The funding comes amid an intensifying race among prediction-market operators. Rival Kalshi raised money at a $22 billion valuation in May and is reportedly exploring a valuation of up to $40 billion.
