Kalshi has raised $185m (£134.6m) in a Series C funding round, in turn valuing the prediction market platform at $2bn.
The news was confirmed by CEO Tarek Mansour on social media, with the capital raise being led by crypto-focused investor Paradigm.
Sequoia, Multicoin, Peng Zhao, Neo, and Bond Capital also all took part in the raise.
Mansour hailed the funding round as a boost for Kalshi’s long-term ambitions, with the platform having cut through into popular mainstream after its rapid growth around the US presidential election.
“People choose to work at Kalshi not because of the money we’ve raised or world class investors but because of our ambition: build the most important financial market on the planet,” the Kalshi CEO wrote.
“Today, we celebrate our team and community who have taken prediction markets mainstream and made Kalshi one of the fastest growing companies in America. What once felt impossible now looks inevitable.”
In an email, Paradigm co-founder and managing partner Matt Huang compared the impact seen so far from prediction markets as similar to that of cryptocurrency in its early stages.
“Prediction markets remind me of crypto 15 years ago: a new asset class on a path to trillions,” Huang wrote.
“There’s no better team than Kalshi to scale prediction markets and reshape how people think about everything from elections and economic markets to weather and sports.”
The Series C funding round marks the latest development in what has been a turbulent year for Kalshi, after the New York-based firm rolled out its sports event contracts offering to users aged 18 and over in all 50 US states.
The company is still engaged in multiple legal battles with state authorities, including the New Jersey Division of Gaming Enforcement, with that dispute taking a new turn last week when swathes of industry stakeholders threw support behind the regulator.
One day prior to news of Kalshi’s new funding and valuation breaking, reports emerged that rival prediction markets platform Polymarket is on the cusp of achieving unicorn status as it nears completion of a $200m funding round, valuing the company at $1bn.
The most recent injection of capital was led by Founders Fund, owned by billionaire, political activist and existing Polymarket investor Peter Thiel.
The post Kalshi achieves $2bn valuation with $185m Series C funding round first appeared on EGR Intel.
New York-based exchange generates $185m of additional capital following several contributions from investment companies
The post Kalshi achieves $2bn valuation with $185m Series C funding round first appeared on EGR Intel.