Kalshi is reportedly in advanced discussions to raise $1bn from new and existing investors at a valuation of $40bn.
Existing investors Sequoia Capital and Wellington Management are expected to co-lead the round, with Tiger Global Management and Dragoneer Investment Group among the new investors, as per Reuters on Tuesday 29 September.
The new valuation would be almost double the $22bn Kalshi was valued at when it raised $1bn in May. The funding is expected to close in the coming weeks.
Talks over fresh investment arrive against a backdrop of several legal battles for Kalshi, including the Ninth Circuit Court of Appeals backing Nevada in August, ruling federal commodities law does not override the state’s sports betting regulations.
The New York-based firm also faces legal issues in Connecticut and New York over offering sports contracts and running an illegal gambling operation.
Nonetheless, the firm remains bullish about its future growth. In June, CEO Tarek Mansour revealed Kalshi is “thinking about” an IPO, with a listing potentially in 2027 or 2028; while in July, the firm launched in Canada via a partnership with Toronto-based investment firm Wealthsimple.
Last December, Kalshi raised $1bn in a Series E funding round, led by Paradigm, with investments also coming from Sequoia Capital, Andreessen Horowitz, Meritech Capital and IVP.
The post Report: Kalshi in talks to raise $1bn at $40bn valuation first appeared on EGR Intel.
Sequoia and Wellington set to co-lead the latest round, with Tiger Global and Dragoneer among the new backers in the New York-based prediction markets platform
The post Report: Kalshi in talks to raise $1bn at $40bn valuation first appeared on EGR Intel.