Prediction market Kalshi, which permits folks to guess 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 most recent 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 recognition 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 line with The New York Occasions.
Kalshi is reportedly planning to announce a partnership with CNN. Moreover, future development is anticipated to come back from numerous firms utilizing Kalshi to hedge in opposition to business-specific dangers, equivalent to authorities shutdowns or opposed climate adjustments.
Polymarket, Kalshi’s principal rival, was reportedly in talks to boost one other spherical at a $12 billion to $15 billion valuation, Bloomberg reported in October.
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