Veil competitor raises $1.1 million seed round funding; increases betting offering

Prediction markets platform Guesser has received $1.1 million in seed round funding, which will go towards boosting its profile, the company shared in a press release. Investors include Version One, Compound and Boost VC - who conducted their first venture capital deal using DAI.

Guesser's CEO Jose Garay told The Block that the Madrid-based platform, which competes with the likes of Veil and Flux, will not have any fees initially to boost volumes and to help make "prediction markets globally relevant." The platform currently sees between hundreds of dollars and tens of thousands of dollars wagered on its Bet of the Week, where users guess on everything from Oscar winners to Lyft's share price.


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Still, Guesser is increasing its offering today from one to four weekly bets in distinct categories; Crypto, Finance, Politics, and General News. The aim is to keep "a very small number of markets...instead of listing hundreds of illiquid markets," Garay says, hoping to cater to a broad audience while maximising liquidity and simplicity. He added that Guesser currently mostly attracts people knowledgeable in the crypto market but will eventually be adapted for those without crypto expertise.

The platform is also hoping to differentiate itself by sharing Augur's core liquidity pool, while "most products silo their liquidity (their users' wagered money) into a relayer," according to Garay.