Predictions market platform Kalshi has reportedly raised an additional $1 billion from at least two venture capital firms, increasing its valuation to $11 billion.
Kalshi’s latest funding round was led by Sequoia Capital and CapitalG, according to a report on Thursday from TechCrunch that cited a person familiar with the matter.
Andreessen Horowitz (a16z), Paradigm, Anthos Capital and Neo were among the other Kalshi investors that sat out on the latest $1 billion funding round.
It comes about a month after Kalshi raised $300 million in October as it expanded to 140 countries. Sequoia took part in that deal, as did a16z and Paradigm.
It puts Kalshi’s valuation on similar ground to rival prediction platform Polymarket, which is reportedly seeking to raise another funding round at a valuation between $12 billion and $15 billion.
Prediction markets enable users to buy and sell “yes” or “no” shares as a means of betting on real-world events, ranging from elections and sports to a company’s earnings results or the outcome of cultural events.
Kalshi and Polymarket continue to lead the pack
Kalshi and Polymarket are the two biggest prediction market platforms, having combined for over $17.4 billion in trading volume since September, DefiLlama data shows.
Kalshi has the edge, with 61.4% of that trading volume over that time frame.
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Polymarket had been barred from serving US residents since 2022 due to regulatory issues, but returned earlier this month in a “Beta Mode.” It seeks to make a full return later this month.
Kalshi, Polymarket have seen major integrations of late
Polymarket has also secured a significant number of integrations — or planned integrations — in recent months, including MetaMask, Google Finance and Yahoo Finance.
Google Finance also integrated Kalshi, as have Robinhood, Elon Musk’s xAI and Grok and the Pyth Network in recent months.
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