Funding round
Kalshi Series C
Kalshi, which works in event contract trading services in New York, raised $185M in a Series C round announced on 25 Jun 2025, led by Paradigm, at a $2.00B post-money valuation. 6 firms took part. It is Kalshi's second venture round on record; the one before was a Series A in Feb 2021.
$185M
Amount raised
$2.00B
Post-money valuation
6
Investors
1 lead
9.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Kalshi at $2.00B after the new money. The $185M bought investors about 9.3% of the company. It came 52 months after Kalshi's Series A. It is 7.4% of the $2.52B Kalshi has raised in the venture rounds on record. Kalshi raised again 4 months later: a Series D round of $300M in Oct 2025, at $5.00B post-money.
Kalshi's funding rounds
Kalshi has 5 venture rounds on record. This one is highlighted.
- Series A 17 Feb 2021, led by Sequoia Capital $30M
- Series C this round 25 Jun 2025, led by Paradigm $185M$2.00B post-money
- Series D 10 Oct 2025, led by Andreessen Horowitz and Sequoia Capital $300M$5.00B post-money
- Series E 2 Dec 2025, led by Paradigm $1.00B$11.00B post-money
- Series F 7 May 2026, led by Coatue $1.00B$22.00B post-money
Investors
Who put money in
Paradigm led the round with 5 other firms.
Lead investor
- Paradigm backs 82 venture-backed companies new investor
Also in the round
- Neo new investor
- Bond Capital new investor
- backs 65 venture-backed companies new investor
- Sequoia Capital backs 589 venture-backed companies new investor
- Y Combinator backs 1,295 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $51M, and this round was 3.6 times the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Alpaca Financial Services | 23 Apr 2025 | $52M | not disclosed | Deraya Financial and 850 Management |
| Parafin Financial Services | 17 Dec 2024 | $100M | $750M | Notable Capital |
| Financial Services | 11 Dec 2025 | $50M | $1.20B | Westbound Equity |
| Financial Services | 17 Dec 2024 | $20M | not disclosed | not named |
| Clear Street Financial Services | 13 Jan 2026 | $135M | $12.00B | Baillie Gifford and SBI Holdings |
| Imprint Financial Services | 11 Oct 2024 | $75M | $600M | Khosla Ventures |
| Financial Services | 15 Oct 2024 | $25M | not disclosed | Ripple Ventures |
| Financial Services | 14 Apr 2026 | $40M | $420M | Verified Capital |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Kalshi raise in its Series C round?
Kalshi raised $185M in its Series C round, announced in Jun 2025.
Who led Kalshi's Series C round?
Paradigm led it, with Neo, Bond Capital, Multicoin Capital, Sequoia Capital and Y Combinator.
What was Kalshi's valuation at the Series C round?
$2.00B post-money.
How does it compare with other Series C rounds in Financial Services?
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $51M, and this round was 3.6 times the median.
Did Kalshi raise again after this round?
Yes: a Series D round in Oct 2025 of $300M at $5.00B post-money.