Blockchain-based prediction market Polymarket is edging closer to a $200 million raise at a $1 billion valuation, The Information reported, citing people familiar with the plan.
Peter Thiel’s Founders Fund is said to be leading the round, the report added. The $200 million figure includes $50 million that was raised in previously unannounced funding.
According to SimilarWeb, Polymarket notched a record high in terms of website traffic in May with 15.9 million visits, more than rival betting markets FanDuel, DraftKings and Betfair.
Polymarket’s continued rise comes after a U.S. election year that saw around $8 billion worth of bets placed on the platform. It was also widely cited during the election as a data source for predicting the outcome. According to a Dune data scientist, betting markets on Polymarket predict outcomes with up to 94% accuracy.
Earlier this month, Polymarket signed a deal with Elon Musk’s xAI company, becoming the official prediction market partner for xAI and X.
Last September, a separate report by The Information claimed that Polymarket was looking into launching its own token.