Crypto-powered prediction market Polymarket is finalising a fresh funding round worth more than $200m led by Peter Thiel’s Founders Fund, according to a report in The Information.
The investment would value the New York-based company at approximately $1bn, excluding the new capital — formally placing the start-up in unicorn territory.
The milestone comes despite a regulatory ban that prohibits US users from accessing the platform.
Thiel is an American billionaire entrepreneur, venture capitalist, and political activist best known for co-founding PayPal and Palantir Technologies, and for being the first outside investor in Facebook.
Representatives for both Polymarket and Founders Fund declined to comment, according to Bloomberg.
Polymarket surged in popularity during the 2024 US presidential primaries. The platform reportedly saw a record $2.6bn in trading volume in November alone.
However, US residents remain barred from the platform following a 2022 settlement with the Commodity Futures Trading Commission (CFTC).
Last year, the FBI executed a search warrant on Polymarket’s founder Shayne Coplan, seizing his phone and electronics amid a probe into potential US user activity.
Despite its regulatory setbacks, Polymarket has positioned itself as a compelling alternative to traditional polling, providing real-time, market-based insights into public sentiment.
Earlier this month, Elon Musk’s X platform named Polymarket its official predictions market partner.
To date, the company has raised over $100m, including an undisclosed $50m earlier this year.
Polymarket’s largest US-based rival, Kalshi, is facing a series of legal challenges, as multiple US states have issued cease-and-desist orders over its sports prediction markets.