Kalshi, a US-based prediction market, has closed its $1 billion funding round, raising its valuation to around $11 billion, according to a press release.
The latest round was led by Paradigm, with participation from veteran venture capital firms including Sequoia Capital and CapitalG, Alphabet’s growth capital arm. News of the increase broke last month, when TechCrunch reported on the $1 billion increase.
Kalshi, which offers binary event contracts that allow users to trade the outcomes of future real-world events such as political races and legislation, outperformed rival Polymarket in the third quarter, racking up $4.47 billion in trading volume compared to Polymarket’s total of $3.5 billion, according to data from TokenTerminal.
“Kalshi is replacing debate, subjectivity and conversations with markets, precision and truth,” said Tarek Mansour, CEO of Kalshi. “We have created a new way of consuming and interacting with information. Today it is difficult to have an opinion about the future without thinking about Kalshi.”
The company, founded in 2018 and the first regulated prediction market in the US, also raised $300 million at a $5 billion valuation in October amid global expansion plans.
Rival Polymarket is also in talks to raise more capital. In October, executives were reported to be in talks with investors to discuss an investment that would value the company at between $12 billion and $15 billion.
Read More: Kalshi Launches Tokenized Event Bets on Solana Blockchain: CNBC
