Prediction market platform Polymarket has raised $70 million in two rounds of funding, with the most recent led by Founders Fund, Bloomberg reported. The company's investors also include the co-founder of Ethereum. The new investment comes on the heels of a surge in U.S. election betting activity on Polymarket, with more than $170 million in bets placed on events related to the U.S. election, according to its website. Founders Fund's investment in Polymarket is its first investment in a platform that offers event betting contracts. A spokesperson for Polymarket said Founders Fund led a $45 million Series B round. Previously, General Catalyst helped the company raise $25 million in a Series A round. The new financing puts the company's valuation below what was previously discussed. Before the CFTC took action, the company had planned to reach a valuation of nearly $1 billion.