Kalshi plans to use a portion of the funding to scale its technology team, CEO Tarek Mansour said.
Kalshi, a prediction market and competitor to Polymarket, has reportedly closed a $185 million funding round that values the company at $2 billion, indicating growing investor appetite for the emerging sector.
The round was led by crypto investment company Paradigm, with participation from venture capital companies Sequoia Capital, Multicoin Capital and other investors, The Wall Street Journal reported on Wednesday.
CEO and co-founder Tarek Mansour said the funding will be used to expand Kalshi’s technology team and integrate its prediction contracts into more brokerage platforms. Currently, Kalshi contracts are available through Webull and Robinhood Markets.
Prediction markets have gained traction as an alternative to traditional polling, with proponents arguing that they offer more accurate forecasts by aggregating the collective expectations of participants.
Founded in 2018 by Mansour and Luana Lopes Lara, Kalshi previously raised a total of $156 million in capital, according to PitchBook.
