Aug 4 (Reuters) – Polymarket is seeking to raise funds at a valuation of more than $20 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The prediction markets platform is holding early discussions to raise about $1 billion in the funding round, the report added.
Reuters could not independently verify the report. Polymarket did not immediately respond to a Reuters request for comment.
Prediction markets, which let users wager on yes-or-no outcomes across a wide range of events, have exploded in popularity and are garnering strong investor interest.
Peer Kalshi said earlier this year that it had raised $1 billion at a $22 billion valuation. Polymarket’s latest discussions come after it raised $1 billion at a $15 billion valuation in April, the report said.
New York Stock Exchange parent Intercontinental Exchange invested $600 million in Polymarket earlier this year, which the report said was a part of the April funding round.
Polymarket’s annualized revenue had surpassed $1 billion, Reuters reported in June, citing a source familiar with the matter.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Anil D’Silva and Vijay Kishore)
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