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2h ago

Ex-Kalshi Veterans Launch 5c(c) Capital to Raise $35 Million for Prediction-Market Infrastructure

Early commitments from rival platform chiefs with marquee VCs signal a bet on the rails behind event trading.

Tarek Mansour, co-founder of Kalshi, during a joint SEC-CFTC roundtable at SEC headquarters in Washington, DC, US, on Monday, Sept. 29, 2025. Industry leaders will come together to discuss regulatory priorities during the joint round table hosted by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. Photographer: Kent Nishimura/Bloomberg via Getty Images
Tarek Mansour, cofounder and CEO of Kalshi.
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Overview

  • Two early Kalshi alumni are raising up to $35 million for 5c(c) Capital to back startups building prediction‑market infrastructure.
  • Founders Adhi Rajaprabhakaran and Noah Zingler‑Sternig plan to invest in about 20 companies over the next two years.
  • Early backers include Kalshi CEO Tarek Mansour, Polymarket CEO Shayne Coplan, Marc Andreessen via Moneta Luna, Ribbit’s Micky Malka, and Kyle Samani.
  • The fund targets market makers, index design, and tooling for event‑based trading, with a first close expected within the next month.
  • The push comes as Kalshi pursues $1 billion at a $22 billion valuation and Polymarket targets about $20 billion, even as lawsuits and an Arizona criminal filing raise regulatory risk.