Prediction Market Limitless Raises $3M in Pre-Seed Round Led by 1confirmation
Lisbon, Portugal, September 17th, 2024, Chainwire
Limitless Labs, the R&D network behind prediction market Limitless, has announced the successful closure of a pre-seed round. A total of $3M was raised in a round led by prominent venture capital firm 1confirmation.
1confirmation has deep expertise in prediction markets and backing from tech veterans such as Peter Thiel, Marc Andreessen, and Mark Cuban. Other notable investors such as Paper Ventures, Colliderand Public Works also participated in the round.
The completion of the pre-seed raise arrives at a time when Limitless’ prediction market platform has been experiencing rapid growth. Volume has increased by 800% in the past week and the market is now processing more than $200k in daily transactions. Around 50% of monthly active traders on Limitless interact with the platform every day.
Funding from the 1confirmation-led round will be used to accelerate the development of the Limitless platform and to launch new products and features including a novel decentralized social network. This will enable users to create and participate in their own prediction markets and grow their reputation.
Commenting on the pre-seed round, 1confirmation Founder and General Partner Nick Tomaino said: “I believe prediction markets will see trillions of volume in coming years and love what Limitless is doing on Base.”
Prediction markets are experiencing a breakout year, with hundreds of millions of dollars being traded on the outcome of the US Presidential Election. Limitless has also seen significant demand for its daily crypto and stocks markets which operate in a similar manner to 0DTE (zero days to expiry) options in traditional finance.
The Limitless community has also enjoyed aggressively trading markets centered around such topics as Telegram founder Pavel Durov’s arrest and the future of X in Brazil. Because these markets resolve on much shorter time horizons than typical prediction markets, they have proven attractive to users who don’t have to lock up capital for an extended period.
Limitless operates at the intersection of prediction markets and SocialFi – social apps that enable creators to monetize their audience in novel ways. On Limitless, users can create their own markets and earn trading fees, which is expected to trigger an explosion of popular new market categories.
About Limitless Labs
Limitless Labs was founded in December 2023 by CJ Hetherington, Roman Mogylnyi, Dima Horshkov and Rev Miller. The company operates as an R&D network that focuses on developing prediction markets, blockchain & AI applications.