CFTC-regulated platform Kalshi has raised $300 million from Sequoia, a16z and Paradigm, expanding to 140 countries and reaching a $5 billion valuation — another step in the growth of prediction markets.
Kalshi Raises $300 Million, Expands to 140 Countries, Reaching a $5 Billion Valuation
U.S. platform Kalshi, which allows users to trade on event predictions, has closed a Series D funding round of more than $300 million, led by Sequoia Capital and Andreessen Horowitz (a16z). Investors also included Paradigm, CapitalG, Coinbase Ventures, General Catalyst and Spark Capital.
The funds raised allowed Kalshi to raise its valuation to $5 billion — $3 billion more than during the June round ($185 million, led by Paradigm).
The company announced an immediate launch in 140 countries around the world, making it the first global prediction-market platform with a single interface for users worldwide.
“Kalshi has become the leading prediction-markets platform, and we are excited to support its ambition to create the largest and most important financial market,” said Alex Immerman, partner at a16z Growth Fund.
Restrictions: 38 countries without access
Despite its global expansion, the platform has left 38 countries on its list of restricted jurisdictions, including Canada, France, Poland, Russia, Singapore, Taiwan, Thailand, the United Kingdom, and Venezuela.
Kalshi did not disclose the full list of available markets, but noted that the interface and functionality are identical to the US version.
Regulated alternative to Polymarket
Kalshi is the first prediction platform to receive regulation from the CFTC (US Commodity Futures Trading Commission). Its founders, Tarek Mansour and Luana Lopez Laroche, say they have chosen the “harder but more responsible path” of building a legal financial infrastructure for prediction markets.
Kalshi allows users to bet on political, economic and social events, from election results to inflation.
Competing with Polymarket
Kalshi’s global expansion coincides with the rise of its main competitor, Polymarket, which this week raised $2 billion from Intercontinental Exchange (ICE) — the owner of the New York Stock Exchange (NYSE) — at a valuation of $9 billion.
While Polymarket is betting on a decentralized model, Kalshi is choosing a regulated path and backing from institutional investors, which could give it an advantage in working with governments and corporations.
Significance
Kalshi’s expansion to 140 countries and record funding highlight a new wave of interest in prediction markets as a tool for collective intelligence gathering and financial diversification.
“Their liquidity and scale create the foundation for prediction markets as a new financial asset class,” concluded the Paradigm partner.
