Kalshi raises $1B Series G at $40B valuation, Sequoia shares original Series A deck

Sequoia partner Alfred Lin revealed that the firm nearly missed the chance to back Kalshi entirely due to a miscommunication, and is co-leading the new round. Founders Tarek Mansour and Luana Lopes Lara founded the company in 2018, with Sequoia partnering in 2020. Sequoia shared the founders' original Series A pitch deck, noting Kalshi was regulatory-first from the start and exceeded its hockey-stick projection, though growth was choppier than planned. Lin says it still feels like "Day 1" eight years in.

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