Polymarket nears Founders Fund-led funding at over $1 billion valuation

Polymarket is close to raising $200 million in a funding round that values the world's biggest prediction market at more than $1 billion, a person familiar with the matter told Reuters on Tuesday.

Billionaire Peter Thiel's Founders Fund, an existing investor, is set to lead the round, the person added, requesting anonymity to discuss confidential information.

Founded in 2020 by Chief Executive Shayne Coplan, Polymarket has helped popularize event derivatives trading, which involves buying and selling contracts tied to real-world events such as elections, economic data releases or policy decisions.

Unlike traditional betting, traders buy and sell shares linked to specific outcomes, with prices for opposing sides together totaling $1.