Prediction market startup Kalsi announced a $1 billion Series F round on Thursday, valuing the company at $22 billion. That's double the $11 billion valuation Kalsi received just five months ago when he raised $1 billion in Series E funding. This latest round was led by Coatue, with participation from Sequoia, Andreessen Horowitz, and Paradigm.
The company told Bloomberg that its annual revenue exceeds $1.5 billion.
Carsi, along with rival Polymarket, ushered in a boom in prediction markets where consumers bet on everything from what stars will wear at the Met Gala to which sports team will win the next game.
Carsi said in a blog post that institutional trading on the platform has increased 800% in the past six months and hosts 90% of U.S. prediction market activity (Polymarket is working to lift remaining restrictions on its U.S. operations from a ban imposed in 2022).