Prediction market tech provider startup ParlayX has announced a successful $1.25m (£923,405) pre-seed raise led by Copenhagen-based venture capital firm Dreamcraft Ventures.
Self-described as the “leading institutional infrastructure layer for prediction markets”, ParlayX performs institutional order routing and capital control for platforms including Kalshi and Polymarket.
The funding round was also backed by individuals including Pet Berisha of Sporting Crypto, Jeffrey Haas of ID8 and formerly evoke, and Devin Ardalan, president of US at Everest Global (EVG).
ParlayX states the injection of capital will allow it to expand platform integrations, improve its proprietary algorithms and scale operations.
Alongside the two leading prediction markets, ParlayX has also onboarded ProphetX and Limitless, with the firm expected to add Novig and Polymarket US early in the NFL season.
Additionally, ParlayX says it has brought on 10 market makers as clients, alongside a “growing waitlist” of quantitative desks and hedge funds.
In January, Andrew Gonzalez left his role at crypto market maker Flowdesk to establish ParlayX alongside fellow UCLA graduate Antonio Cosio. Upon its official launch, the platform went live with Kalshi and Polymarket at the start of August.
Gonzales, who is also CEO of the firm, said: “We are incredibly excited to announce the successful close of our pre-seed funding round and to welcome Dreamcraft Ventures, along with our outstanding group of angel investors, to the ParlayX cap table.
“Successfully raising this round is a massive validation of our vision and the immediate pain points we are solving for institutional traders.
“With this capital, we are fully equipped to scale our infrastructure and support the ongoing explosion of trading volume in the prediction market ecosystem.”
Nikolaj Nyholm, general partner at Dreamcraft Ventures, added: “Prediction markets are rapidly maturing into a multi-billion-dollar asset class, but the underlying infrastructure has remained heavily fragmented and retail-focused.
“ParlayX is building the critical plumbing that institutions demand: secure non-custodial architecture, granular permissioning and unified execution.
“We are thrilled to lead this round and back Andrew and the team as they define the standard for institutional trading in this space.”
Other recent early-stage prediction market funding rounds include XO Market in May with a $6m raise, SpeedLabs and TurboFlow in June with $6.5m and $6m, respectively, and River Markets with $8.5m in August.
On a larger scale, Crypto.com secured a $20bn valuation with $400m in funding from Citadel Securities in July. Current reports put Kalshi’s next valuation at $40bn.
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Dreamcraft Ventures leads pre-seed round as infrastructure startup looks to expand platform integrations and scale operations amid surging demand
The post ParlayX raises $1.25m to power institutional prediction markets push first appeared on EGR Intel.