The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Kalshi's $1BN Raise, the Polymarket Feud, and the Battle to Replace Traditional Media
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Dec 8, 2025 
Tarek Mansour, Co-founder and CEO of Kalshi, discusses his company's groundbreaking $1BN raise and its ambitions in the prediction markets space. He dives into the fierce rivalry with Polymarket and the strategic partnerships with CNN and CNBC, highlighting how these alliances aim to educate and reach mainstream audiences. Tarek also reflects on the challenges of growing a startup, including regulatory battles and maintaining investor trust, while emphasizing the importance of balancing product development with effective marketing.
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Consumers Becoming Active Participants
- Kalshi sees a rare shift from passive consumption to active participation in news and events.
- This behavioral change signals a very large market opportunity worth scaling into now.
Use Capital To Build Brand And Safety
- More capital lets Kalshi build a global brand and meet regulatory reserve needs as volumes rise.
- Use funding to scale marketing, team, and financial buffers to move faster in regulated markets.
Regulatory Win Catalyzes Mainstream Growth
- Winning the regulatory fight accelerated mainstream acceptance of prediction markets.
- That legitimacy invites competition and innovation from incumbents and new entrants alike.