Kalshi, a US-based prediction marketplace, has 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 veteran venture capital firms including Sequoia Capital and CapitalG, Alphabet’s growth equity arm. News of the raise broke last month when TechCrunch reported on the $1 billion raise.
Kalshi, which offers binary event contracts that allow users to trade the outcomes of future real-world events such as political races and legislation, overtook rival Polymarket in Q3, racking up $4.47 billion in trading volume, compared to Polymarket’s total of $3.5 billion, according to TokenTerminal data.
“Kalshi replaces debate, subjectivity and chatter with markets, accuracy and truth,” said Tarek Mansour, CEO of Kalshi. “We’ve created a new way to consume and engage with information. It’s hard to have an opinion about the future today without thinking about Kalshi.”
The company, founded in 2018 and the first US-regulated prediction market, also raised $300 million at a $5 billion valuation in October amid plans to expand globally.
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 Tokenized Event Betting on Solana Blockchain: CNBC
