Polymarket, a New York-based prediction market platform, is raising US$1 billion in a round led by venture capital firm 1789 Capital.

The round would give it a US$21 billion post-money valuation.

1789 is expected to invest about US$300 million.

Polymarket is also seeking US regulatory approval to offer margin trading as it tries to attract more institutional investors.

Polymarket was last valued at US$15 billion in April. Earlier this year, Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, completed a $1.6 billion investment in the platform.

The funding comes as prediction markets face unresolved jurisdictional questions in the US.

States argue that they should regulate the industry, while platforms such as Polymarket and Kalshi say they fall under federal derivatives oversight.

The same backdrop has affected rival Kalshi, which raised money at a $22 billion valuation in May.

🔗 Source: Bloomberg

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