Kalshi, a US-based prediction marketplace, closed its $1 billion funding round, pushing its valuation to around $11 billion, according to a press release.
The latest round was led by Paradigm, with participation from seasoned venture capital firms including Sequoia Capital and CapitalG, the growth equity arm of Alphabet. News of the raise broke last month, when TechCrunch reported the $1 billion raise.
Kalshi, which offers binary event contracts that allow users to trade on the outcomes of future real-world events such as political races and legislation, surpassed rival Polymarket in the third quarter, accumulating $4.47 billion in trading volume, compared to Polymarket’s $3.5 billion, according to TokenTerminal data.
“Kalshi replaces debate, subjectivity and discourse with markets, accuracy and truth,” said Kalshi CEO Tarek Mansour. “We’ve created a new way to consume and interact with information. It’s difficult to have an opinion about the future today without thinking about Kalshi.”
The company, founded in 2018 and the first regulated prediction marketplace in the United States, also raised $300 million at a $5 billion valuation in October amid plans to expand globally.
Its rival Polymarket is also in talks to raise more capital. In October, it was reported that executives were in talks with investors to discuss an investment that would value the company between $12 billion and $15 billion.
Read more: Kalshi launches betting on tokenized events on the Solana blockchain: CNBC
