Polymarket Funding Round Led By 1789 Values Firm at $21 Billion

(Bloomberg) -- Venture capital firm 1789 Capital is leading a new funding round for Polymarket that will give the prediction-markets platform a $21 billion post-money valuation.

Polymarket will raise $1 billion, according to people familiar with the matter. Bloomberg reported earlier this month that the firm was in early talks to raise capital at a valuation of more than $20 billion.

Polymarket completed a round at a $15 billion valuation in April, when it brought in D.E. Shaw and venture capital firm G Squared as new investors, Bloomberg previously reported.

A spokesperson for Polymarket declined to comment.

The investment provides another indication of the rapid growth of prediction markets, which offer ways to bet on everything from sports to elections. However, Polymarket has lagged the growth of its main rival, Kalshi, this year amid operational and legal issues. In May, Kalshi raised money at a $22 billion valuation.

Donald Trump Jr., a partner at 1789, is an adviser to both Polymarket and Kalshi.