Funding round
Polymarket Seed
Polymarket, which works in prediction market platform development in New York, raised $4.0M in a Seed round announced on 1 Oct 2020, led by Polychain. 19 firms took part, with 12 individual investors. It is Polymarket's first venture round on record.
$4.0M
Amount raised
Not disclosed
Post-money valuation
19
Investors
1 lead
Valuation
What this round says about the price
Polymarket did not disclose a valuation in this round. It is Polymarket's first venture round on record, in the year it was founded (2020). It is under 1% of the $2.82B Polymarket has raised in the venture rounds on record. Polymarket raised again 19 months later: a Series A round of $25M in May 2022. Its next priced round, a Growth in Jan 2025, valued it at $1.20B.
Polymarket's funding rounds
Polymarket has 7 venture rounds on record. This one is highlighted.
- Seed this round 1 Oct 2020, led by Polychain $4.0M
- Series A 1 May 2022, led by General Catalyst $25M
- Series B 14 May 2024, led by Founders Fund $45M
- Growth 1 Jan 2025, led by Founders Fund $150M$1.20B post-money
- Growth 1 Oct 2025, led by Intercontinental Exchange $1.00B$9.00B post-money
- Growth 1 Mar 2026, led by Intercontinental Exchange $600M$15.00B post-money
- Growth 5 Aug 2026, led by 1789 Capital $1.00B$21.00B post-money
Investors
Who put money in
Polychain led the round with 18 other firms.
Lead investor
- backs 87 venture-backed companies new investor
Also in the round
- backs 15 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
- backs 45 venture-backed companies new investor
- Brainchild new investor
- backs 14 venture-backed companies new investor
- Felicis backs 237 venture-backed companies new investor
- FTX Ventures new investor
- General Catalyst backs 574 venture-backed companies new investor
- backs 69 venture-backed companies new investor
- Inovia backs 120 venture-backed companies new investor
- backs 19 venture-backed companies new investor
- backs 25 venture-backed companies new investor
- backs 99 venture-backed companies new investor
- Robot Ventures new investor
- The Hit Forge new investor
- ParaFi Capital new investor
- Naval Ravikant
Individual investors: Naval Ravikant, Balaji Srinivasan, Meltem Demirors, Robert Leshner, Stani Kulechov, Kain Warwick, Tarun Chitra, Kal Vepuri, Josh Hannah, Marc Bhargava, Samir Vasavada and Calvin Liu.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
60 Seed rounds in Cryptocurrency within a year either side disclosed an amount; the median was $2.5M, and this round was 1.6 times the median. The closest in time, other companies' Seed rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 16 Oct 2020 | $2.0M | $8.0M | Kindred Ventures |
| Cryptocurrency | 27 Oct 2020 | $1.2M | not disclosed | Mechanism Capital and Skyfall Ventures |
| Cryptocurrency | 12 Nov 2020 | $3.0M | not disclosed | not named |
| Cryptocurrency | 17 Sep 2020 | $2.7M | not disclosed | not named |
| Cryptocurrency | 1 Sep 2020 | $2.4M | not disclosed | Polychain |
| Cryptocurrency | 3 Sep 2020 | $2.0M | not disclosed | Electric Capital |
| Cryptocurrency | 17 Nov 2020 | $1.2M | not disclosed | gumi Cryptos Capital |
| Cryptocurrency | 17 Sep 2020 | $875K | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Polymarket raise in its Seed round?
Polymarket raised $4.0M in its Seed round, announced in Oct 2020.
Who led Polymarket's Seed round?
Polychain led it, with 1confirmation, Afore Capital, Andreessen Horowitz, Atlantic Bridge and Brainchild and 13 more.
What was Polymarket's valuation at the Seed round?
It was not disclosed.
How does it compare with other Seed rounds in Cryptocurrency?
60 Seed rounds in Cryptocurrency within a year either side disclosed an amount; the median was $2.5M, and this round was 1.6 times the median.
Did Polymarket raise again after this round?
Yes: a Series A round in May 2022 of $25M.