Polymarket has secured Donald Trump Jr as a strategic adviser after the son of US President Donald Trump invested into the prediction market via the VC firm, 1789 Capital.
Trump Jr serves as a partner at 1789 Capital, having joined last year. The VC was founded in 2022 by Omeed Malik and Chris Buskirk.
The VC’s aim sits in “funding the next era of American exceptionalism”. The vehicle has a vehement anti-ESG stance and has invested in disruptive technologies such as crypto mining.
Terms of the investment into Polymarket were not disclosed, nor was it announced if the investment was related to Polymarket’s reported $200m raise earlier this year.
Reuters has reported that the VC’s investment into the prediction market was an eight-figure sum.
Polymarket said the investment and Trump Jr’s addition to its advisory board would allow the privately owned company to “expand its footprint as the go-to platform for accurate, real-time insights into public sentiment”.
The deal comes after the US government closed its investigation into Polymarket in July, over allegations the platform was accepting bets from US-based players during the presidential election.
The Department of Justice and Commodity Futures Trading Commission (CFTC) cleared Polymarket, as well as CEO Shayne Coplan, who had his phone and other devices seized in an FBI raid.
Following the clearance, Polymarket marched ahead with a move to buy CFTC-ratified prediction market QXC in a $112m deal, as a facilitator to return to the US.
Polymarket agreed to exit the US back in 2022, but is now planning to return to the market, using QXC as an accelerator to its ambitions.
In January, Trump Jr was named as a strategic adviser to Kalshi. Last month, Coplan labelled Kalshi a “copycat” prediction market.
On the new investment, Coplan added: “This strategic investment marks a significant milestone for Polymarket.
“Our long-term partnership with 1789 Capital will help reinforce Polymarket’s leading position as a trusted source of free, transparent and accurate market information in the US and around the world.
“We are proud to formally welcome 1789 Capital as a strategic partner and Donald Trump Jr to our advisory board as we continue building our platform to reflect real-world sentiment, in real time, for all to see.”
Trump Jr said: “Polymarket is the largest prediction market in the world, and the US needs access to this important platform.
“Polymarket cuts through media spin and so-called ‘expert’ opinion by letting people bet on what they actually believe will happen in the world.
“I am pleased 1789 Capital is investing in Polymarket and am honoured to join the company’s advisory board. I look forward to working with the team to advance its mission of bringing truth and transparency to everyone – including the US.”
The post Polymarket adds Donald Trump Jr as strategic adviser following VC investment first appeared on EGR Intel.
US president’s son links up with prediction market after 1789 Capital firm invests in business, as CEO hails addition as a “significant milestone”
The post Polymarket adds Donald Trump Jr as strategic adviser following VC investment first appeared on EGR Intel.