- Kalshi secured $185 million in Series C funding, raising its valuation to $2 billion.
- The funding round was led by crypto-focused firm Paradigm, along with support from investors including Sequoia and Multicoin.
- The company will use the capital to expand its technology team and strengthen integration with brokers.
- Kalshi has expanded into crypto event contracts and now accepts deposits in Bitcoin, USDC, Worldcoin, and Solana.
- The firm’s valuation reflects the rising popularity of prediction markets, with event volumes increasing significantly in recent months.
Prediction market platform Kalshi has raised $185 million in a Series C funding round, the company announced. The latest investment sets the company’s valuation at $2 billion, marking its entry into the "unicorn" category.
The round was led by digital asset investor Paradigm, with participation from notable firms including Sequoia, Multicoin, NEO, Bond Capital, and Peng Zhao. Kalshi will use the funding to scale its technology team and improve connections with brokerage platforms, according to co-founder and CEO Tarek Mansour.
“What once felt impossible now looks inevitable,” Mansour stated, noting the company’s rapid growth and the mainstream adoption of prediction markets. The platform saw its post-money valuation rise sharply from $787 million in late 2024, following a prior $50 million private equity round.
Kalshi continues to see increasing demand for its event contracts. A Polymarket pool on the U.S. presidential election saw $3 billion in trading, and Kalshi election markets reached $875 million in volume by November. The firm’s recent contracts included over $16 million on the outcome of the New York City mayoral primary, according to data on its website.
Recently, Kalshi launched event contracts for U.S. congressional and political races after obtaining approval from the Commodity Futures Trading Commission (CFTC) following years of legal proceedings. The company also introduced a Web3 integration with ZeroHash to support cryptocurrency and stablecoin deposits, widening its offerings to include Bitcoin, USDC, Worldcoin, and Solana.
The broader sector has also seen significant growth, with crypto-native prediction market Polymarket reportedly raising close to $200 million at a $1 billion valuation, as reported by The Information. Decrypt’s parent company DASTAN also entered the space by launching the Myriad Markets prediction platform in March.
Edited by James Rubin
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