Peter Thiel’s VC, Vitalik Buterin back $70 million raise for Polymarket

• Peter Thiel’s venture capital firm Founders Fund co-led a $45 million Series B raise for Polymarket.
• Ethereum co-founder Vitalik Buterin also backed the Series B round.
• The predictions marketplace also announced it raised $25 million in a Series A round, led by General Catalyst and Polychain.

The latest cryptocurrency news related to venture capital funding is from predictions marketplace Polymarket. 

In an announcement on Tuesday, Polymarket revealed it had raised $45 million in its series B round and $25 million in a Series A round.

The total raise of $70 million had the backing of some of the leading venture capital firms in the market. This comes as data showed crypto VC funding crossed $1 billion in April, the second-straight month the space reached the landmark figure. 

Founders Fund and Vitalik Buterin invest in Poymarket

Founder Shayne Coplan said in a post on X that Peter Thiel’s venture capital firm Founders Fund, Dragonfly and Ethereum co-founder Vitalik Buterin led the Series B round.

Meanwhile, General Catalyst, Polychain and Airbnb co-founder Joe Gebbia led the $25 million Series A funding round.

Polymarket’s successful fundraising across the two rounds comes as the predictions platform attracts more users amid the increased betting on the upcoming US presidential elections. Polymarket is also a hot marketplace for topics such as crypto, sports and current events.

Trump is pulling ahead pic.twitter.com/bXcqtWE6cE

— Polymarket (@Polymarket) May 13, 2024

Other than the US presidential election, other top trends this week include bets on spot Ethereum ETFs, the GameStop (GME) stock and Bitcoin price.