Kalshi, a prediction market that allows people to bet on future events, announced Tuesday that it has raised a $1 billion funding round at an $11 billion valuation, confirming a TechCrunch scoop from last month.
The round was led by returning investor Paradigm, with participation from Sequoia Capital, Andreessen Horowitz, Capital G, and other existing backers. The latest funding comes less than two months after Kalsi announced it had raised $300 million at a valuation of $5 billion.
The trading platform soared in popularity last year after people used it to predict the outcome of the 2024 U.S. presidential election, but the New York Times says most of Mr. Carsi’s trades are actually related to sports.
Kalsi is reportedly planning to announce a partnership with CNN. Additionally, future growth is expected with various companies utilizing Karshi to hedge against business-specific risks such as government shutdowns and adverse weather changes.
Calci’s main rival, Polymarket, is in talks to raise a new round at a valuation of $12 billion to $15 billion, Bloomberg reported in October.
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