Prediction market Kalshi, which permits folks to wager on future occasions, introduced on Tuesday that it raised a $1 billion funding spherical at an $11 billion valuation, confirming TechCrunch’s scoop from final month.
The spherical was led by returning investor Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, Capital G, and different present backers. The newest funding comes lower than two months after Kalshi introduced that it raised $300 million at a $5 billion valuation.
Though the buying and selling platform surged in reputation final yr when folks used it to foretell the result of the 2024 U.S. presidential elections, a big portion of Kalshi’s trades are literally tied to sports activities, in keeping with The New York Instances.
Kalshi is reportedly planning to announce a partnership with CNN. Moreover, future development is predicted to come back from varied firms utilizing Kalshi to hedge towards business-specific dangers, akin to authorities shutdowns or opposed climate modifications.
Polymarket, Kalshi’s major rival, was reportedly in talks to lift one other spherical at a $12 billion to $15 billion valuation, Bloomberg reported in October.
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