1789 Capital Leads $1 Billion Funding Round for Polymarket

1789 Capital, a venture capital firm where Donald Trump Jr. is a partner, led a $1 billion funding round for the prediction market platform Polymarket. The investment, which includes approximately $300 million from 1789 Capital, raises Polymarket's valuation to $21 billion from a previous $15 billion. This follows an earlier investment of roughly $200 million by the firm.

The funding increases the Trump family's financial exposure to the prediction market industry, as Donald Trump Jr. also serves as an adviser to Kalshi, a rival platform. The investment occurs during a period of regulatory conflict. While the Trump administration has supported the industry through Commodity Futures Trading Commission leader Michael S. Selig, various state attorneys general are pursuing legal action to regulate these platforms as gambling.

House Democrats have responded by scrutinizing the success of 1789 Capital and its hiring of Donald Trump Jr. Lawmakers are demanding information regarding the firm's investments and its communications with the government.