Kalshi, the prediction market co-founded by Lebanese entrepreneur Tarek Mansour, has raised an additional $1B in a round that values the company at $40B.
Sequoia Capital and Wellington Management co-led the round, with Tiger Global and Dragoneer also participating. The company was valued at $22B just five months earlier.
According to the announcement, Kalshi plans to use the new capital to expand into stocks, compute, indices and institutional trading. Activity on the platform increased around the FIFA World Cup, the NFL season and the US midterm elections. The company has also secured a partnership with the NBA.
Mansour co-founded Kalshi in 2018 with fellow MIT graduate Luana Lopes Lara. The startup became the first federally regulated event contracts exchange in the US and later signed partnerships with Robinhood and Coinbase.
Marking the funding, Mansour reflected on growing up in Lebanon, describing a childhood shaped by uncertainty and conflict. He said math became a source of stability because it was clear and consistent, adding that “the odds of a kid from Lebanon getting here were pretty low.”
Source: Leb Business
