Prediction market Kalshi, which allows people to bet on future events, announced It raised a $1 billion funding round at an $11 billion valuation on Tuesday, TechCrunch confirmed. Scoop from last month,
The round was led by returning investor Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, Capital G and other existing backers. The latest funding comes less than two months after Kalshi announced it raised $300 million at a $5 billion valuation.
Although the trading platform’s popularity soared last year when people used it to predict the outcome of the 2024 US presidential elections, a large portion of Kalshi’s trading is actually tied to sports, according to The New York Times.
it’s a pot Allegedly Plans to announce partnership with CNN. Additionally, future growth is expected to come from various companies using Kalash to hedge against business-specific risks, such as government shutdowns or adverse weather changes.
Polymarket was reportedly Kalshi’s main rival. in conversation Bloomberg reported in October that another round would be raised at a valuation of $12 billion to $15 billion.
