Peter Thiel’s venture capital firm, Founders Fund, led the effort to raise $70 million in investment for Polymarket.

Bloomberg writes that Polymarket, a platform that allows users to bet on political events, has raised $70 million in two rounds of funding. The latest fundraising round was led by Founders Fund, getting $45 million.

Commenting on the Commodity Futures Trading Commission’s (CFTC) proposed bans on political betting, Joey Krug, partner at Founders Fund, noted that some people don’t like prediction markets in the U.S. due to a puritanical view of gambling.

“In the short- to mid-term it’s good for Polymarket because they are targeting non-U.S. markets. In the long run, it will be good if Americans can participate in this market too.”

Joey Krug, Founders Fund partner

Betting on elections caused a significant surge in activity on Polymarket, as more than $170 million was bet on events related to U.S. elections. Former President Donald Trump even shared Polymarket’s estimates regarding the likelihood of his return to the White House.

In early 2022, the CFTC fined Polymarket $1.4 million for servicing over-the-counter binary options trading without proper registration. Cooperation with the regulator provided Polymarket with a reduced fine. The project confirmed the successful settlement of the issue.