Funding round
Polymarket Series B
Polymarket, which works in prediction market platform development in New York, raised $45M in a Series B round announced on 14 May 2024, led by Founders Fund. 8 firms took part. It is Polymarket's third venture round on record; the one before was a Series A in May 2022.
$45M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
Polymarket did not disclose a valuation in this round. It came 24 months after Polymarket's Series A. It is 1.6% of the $2.82B Polymarket has raised in the venture rounds on record. Polymarket raised again 8 months later: a Growth round of $150M in Jan 2025, at $1.20B post-money.
Polymarket's funding rounds
Polymarket has 7 venture rounds on record. This one is highlighted.
- Seed 1 Oct 2020, led by Polychain $4.0M
- Series A 1 May 2022, led by General Catalyst $25M
- Series B this round 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
Founders Fund led the round with 7 other firms.
Lead investor
- Founders Fund backs 368 venture-backed companies new investor
Also in the round
- backs 15 venture-backed companies new investor
- Vitalik Buterin new investor
- backs 59 venture-backed companies new investor
- backs 87 venture-backed companies new investor
- ParaFi new investor
- backs 74 venture-backed companies new investor
- Eventbrite new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series B rounds in Cryptocurrency within a year either side disclosed an amount; the median was $29M, and this round was 1.5 times the median. The closest in time, other companies' Series B rounds in Cryptocurrency:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Cryptocurrency | 12 Apr 2024 | $100M | not disclosed | Brevan Howard Digital and Framework Ventures |
| Cryptocurrency | 12 Mar 2024 | $8.0M | $800M | Mysten Labs and Maelstrom |
| Cryptocurrency | 6 Aug 2024 | undisclosed | not disclosed | not named |
| Cryptocurrency | 18 Jan 2024 | $50M | not disclosed | Cathay Innovation |
| Cryptocurrency | 20 Sep 2024 | $25M | not disclosed | Multicoin Capital |
| Cryptocurrency | 8 Jan 2024 | undisclosed | not disclosed | not named |
| Cryptocurrency | 1 Dec 2023 | $29M | not disclosed | not named |
| Cryptocurrency | 19 Oct 2023 | $22M | not disclosed | Pantera |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Polymarket raise in its Series B round?
Polymarket raised $45M in its Series B round, announced in May 2024.
Who led Polymarket's Series B round?
Founders Fund led it, with 1confirmation, Vitalik Buterin, Blockchain Capital, Polychain and ParaFi and 2 more.
What was Polymarket's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Cryptocurrency?
7 Series B rounds in Cryptocurrency within a year either side disclosed an amount; the median was $29M, and this round was 1.5 times the median.
Did Polymarket raise again after this round?
Yes: a Growth round in Jan 2025 of $150M at $1.20B post-money.