Trump Jr.'s 1789 Capital leads $1B round in Polymarket at $21B valuation
What's the deal? Polymarket has raised $1 billion in a growth equity round led by 1789 CapitalDealroom has a profile for this one. Try Dealroom →, the venture firm where Donald Trump Jr. is a partner, valuing the prediction market at $21 billion. 1789 Capital is investing around $300 million, according to a firm spokeswoman.
By the numbers: The valuation is up from about $15 billion. 1789 Capital previously put roughly $200 million into Polymarket, and the new infusion makes it one of the platform's largest investors.
What's the endgame? Polymarket lets users bet on the outcome of events, from political speeches to reality TV. Trump Jr. joined its advisory board last year, calling it the "largest prediction market in the world" and saying the US "needs access to this important platform."
Why now? Prediction markets have surged in popularity over the past year. In March, Intercontinental ExchangeDealroom has a profile for this one. Try Dealroom → — the New York Stock ExchangeDealroom has a profile for this one. Try Dealroom →'s parent — invested a further $600 million in Polymarket, taking its total to $1.6 billion.
What could go wrong? Rival Kalshi is pulling ahead. It raised $1 billion in April at a $22 billion valuation, backed by Sequoia CapitalDealroom has a profile for this one. Try Dealroom →, Andreessen Horowitz, and Morgan StanleyDealroom has a profile for this one. Try Dealroom →, and has reportedly topped $4 billion in annualised revenue while targeting a $40 billion valuation.
The signal: At $1 billion, this ranks among the largest US growth equity rounds in its industry, in the top 2% all-time. It also underscores the Trump family's deepening financial ties to a sector that federal regulators, under a Trump appointee, have moved to protect from state oversight.
Read more: forbes.com, The New York Times
Image credit: Ken Lund
