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The fundraising effort also attracted participation from Multicoin Capital, Neo and Sequoia, with Peng Zhao, CEO of Citadel Securities, joining as an angel investor.
The funding brings the total raised to $415 million, valuing the U.S.-regulated prediction market startup at $2 billion.
The announcement also comes on the heels of rival predictions market startup Polymarket’s announcement of a $200 million funding round that values it at $1 billion.
Kalshi, a prediction market company regulated by the U.S. Commodities Futures Trading Commission (CFTC), has raised $185 million in a funding round led by Paradigm. The fundraising effort also attracted participation from Multicoin Capital, Bond Capital, Neo and Sequoia, with Peng Zhao, CEO of Citadel Securities, joining as an angel investor.
The Series C round brings the total raised to $415 million, valuing the U.S.-regulated prediction market startup at $2 billion. Kalshi co-founder and CEO Tarek Mansour told the Wall Street Journal that part of the new capital would go towards scaling up the startup’s engineering team amid efforts to integrate with more brokers.
People choose to work at Kalshi not because of the money we’ve raised, but because of our ambition: build the most important financial market on the planet,” Mansour shared via a post on the X platform. “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,” he wrote.
Kalshi’s announcement came on the heels of rival predictions market startup Polymarket’s announcement of a $200 million funding round that values it at $1 billion. However, while Kalshi is allowed to operate in the U.S., Polymarket is not.
According to Kalshi, the new capital arrives at an opportune time, following the company’s rapid growth. Founded in 2019, the company claims platform activity increased 100X in the past year, while users are up by 10X and active markets by 5X.
The company also managed to secure “multiple important licenses and legal victories” during this time of growth, including “a historic victory in federal court that enabled Americans to trade on the outcome of elections for the first time in over 100 years,” the company wrote.
Commenting on his firm’s leading role in the fundraising, Paradigm founder Matt Huang said in a statement: “Prediction markets remind me of crypto 15 years ago: a new asset class on a path to trillions. 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.”
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