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20VC: Kalshi's $1BN Raise, the Polymarket Feud, and the Battle to Replace Traditional Media

Overview

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20VC: Kalshi's $1BN Raise, the Polymarket Feud, and the Battle to Replace Traditional Media

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Dec 08
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Dec 08
OverviewShownoteHighlightsTranscriptChaptersPins

Shownote

Tarek Mansour is the Co-Founder and CEO @ Kalshi, the leader in the world of prediction markets. Just last week, they announced their $1BN raise at an $11BN valuation. In total, they have raised $1.59BN from some of the best, including Sequoia, a16z, Gener...

Highlights

In this episode, Tarek Mansour, CEO and Co-Founder of Kalshi, discusses the recent meteoric rise of his prediction market platform following a landmark $1B fundraising round and major strategic partnerships. The conversation delves into the evolving landscape of event-based financial markets, regulatory hurdles overcome, and the cultural shift driving public engagement with predictions on politics, sports, and global events.
08:16
After winning a lawsuit against the government in 2024, prediction markets are entering the mainstream.
19:25
Kalshi won approval for the 2024 election prediction market after three attempts.
23:12
Most Kalshi users are 'lurkers' who use prediction markets to get informed, not to trade.
26:28
Protecting early investors' pro-rata is part of an infinite game focused on building long-term trust.
27:27
Alfred Lin acts as a counterbalancing force, arguing against ideas to find the right decision balance.
31:34
The lesson from SBF and FTX was to stay true to our regulated, product-first approach.
38:00
Young founders getting early success may have wrong expectations
38:32
People think Kalshi is gambling, but it's an information-based financial market.

Chapters

Kalshi's rise in prediction markets
00:00
Why Did Kalshi Need to Raise $1BN
03:28
Why is Kalshi vs Polymarket Such a Fierce Rivalry?
10:35
The Future of Prediction Markets
20:44
Why Does Kalshi Partner with CNN When They Could Replace Them?
25:09
Why Did Tarek Fight For the Rights of his Early Investors So Much?
26:27
What Makes Alfred Lin The Best?
27:25
Does Having Sequoia as an Investor Change the Game?
29:19
Are Teenage Founders Today Emotionally Ready to Lead Companies
36:58
Quick Fire Round: Celebrity Investors, Relationships with Parents
38:30

Transcript

Tarek Mansour: I think this is kind of what happened with Kalshi in the election. It was a bit of a ChatGPT moment for our industry. An industry truly becomes an industry when there's a rivalry. Without Polymarket, we wouldn't have pushed our marketing and...