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

In this episode of 20VC, Harry Stebbings interviews Tarek Mansour, the founder of Kalshi, following their recent $1 billion raise, $11 billion valuation, and partnerships with CNN and CNBC. Tarek discusses the reasons behind the large funding round, emphasizing the massive opportunity in prediction markets due to a shift in consumer behavior towards active participation. He addresses competition, particularly with Polymarket, and the importance of rivalries in pushing industry growth. Tarek reflects on past mistakes, the resilience required to navigate regulatory challenges, and the evolution of Kalshi's brand and marketing strategy. He also shares insights on building a financial market accessible to everyone, the balance between breadth and depth in market offerings, and the significance of trust and reputation in long-term success. The conversation touches on the influence of investors like Alfred Lin and the lessons learned from observing FTX's implosion, ultimately highlighting the importance of staying true to one's approach and building both a great product and a strong brand.