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Prediction market funding: 43 teams, $2.95B, 40 split $246M

By NAUT Research · · 9 min read

$2.95B Prediction market funding on file for 43 prediction market startups across 161 rounds, read on 28 October 2026. Logos: Kalshi, Polymarket, TradeZero, Earnm, Limitless Exchange, Zeitgeist, Space, Cascade, Azuro, Noise, Augur, predict.fun.

Prediction market funding on NAUT comes to $2.95B across 161 rounds and 43 companies tagged Prediction Market, read on 28 October 2026. Kalshi holds $1,400.15M of that and Polymarket $1,074M, so 2 companies carry 83.8% of the money and the other 40 split $246.3M. The third largest figure on file, $231M against TradeZero, is an acquisition rather than a raise, which leaves $2.72B in funding rounds across the set.

Data as of 28 October 2026, from NAUT's own funding records. The scope is every company NAUT tags Prediction Market: 43 rows, 161 round rows, 120 distinct backers and 73 people. Totals are NAUT's sums of those round rows, shown in $M to 2 decimals. The headline round of 11 of the 20 largest companies is confirmed against 2 outside reports, listed under Sources; for the other 9 the table prints NAUT's own figure with no outside confirmation, and "Where this data is thin" says which. NAUT Research wrote this report, and no one paid for it.

Which prediction market funding rounds are on file, and who backed them?

Every row below is a company NAUT tags Prediction Market, largest total first. "On file" is NAUT's sum of that company's round rows, "Latest round" gives its round count and newest dated round, and "People" is how many named staff its NAUT page carries, the column a BD team works from.

Company On file Latest round People
$1,400.15M 5 rounds, none dated 7
$1,074M 4 rounds, undisclosed 31 Aug 2026 10
$231M 1 round, M&A 11 Aug 2026 1
$50.21M 29 rounds, IDO 16 Dec 2024 3
$35M 8 rounds, Seed 20 Oct 2025 9
$28.80M 6 rounds, IEO 29 Jun 2022 0
$18M 4 rounds, ICO 17 Dec 2025 3
$15M 1 round, undated 1
$13.10M 5 rounds, IDO 27 Sep 2021 0
$11.04M 4 rounds, IEO 18 Jun 2024 4
$8.24M 6 rounds, Pre-Series A 18 Jan 2022 0
$7.50M 1 round, Seed 24 Jan 2022 0
$7.14M 18 rounds, IEO 10 Dec 2024 3
$7.10M 1 round, undated 4
$6.28M 4 rounds, IEO 14 Apr 2023 0
$5.30M 1 round, undated 1
$4.48M 2 rounds, IDO 8 Jun 2026 1
$3.40M 1 round, Seed and private 19 Jan 2022 0
$3.22M 1 round, Private 24 Mar 2025 1
$3.20M 2 rounds, Strategic 23 Mar 2022 0
$2.78M 4 rounds, ICO 18 Nov 2020 0
$2.17M 9 rounds, IDO 29 Jul 2024 0
$2.06M 4 rounds, IDO 21 Dec 2021 0
$2.05M 2 rounds, IEO 8 Feb 2023 2
$1.70M 1 round, Pre-seed 24 Sep 2026 1
$1.50M 4 rounds, IDO 12 Jul 2024 0
$1.40M 9 rounds, IDO 13 Jan 2025 2
$1.34M 3 rounds, IDO 8 Jun 2021 0
$1M 1 round, Pre-seed 15 Oct 2021 0
$0.65M 4 rounds, IDO 4 Nov 2025 1
$0.63M 2 rounds, IDO 24 Feb 2021 0
$0.50M 2 rounds, ICO 10 Dec 2024 0
$0.35M 1 accelerator round, undated 0
$0.35M 1 accelerator round, undated 3
$0.35M 1 accelerator round, undated 2
$0.35M 1 accelerator round, undated 3
$0.07M 1 round, undated 1
$0.07M 1 round, IEO 6 Feb 2025 1
None 1 round, undated 1
None 2 rounds, undated 1
None 1 round, funding round 24 Jun 2026 3
None 1 round, Strategic 8 Sep 2026 0
None 1 round, undated 4

5 of the 43 carry a round with no amount on file at all, and 12 carry no dated round, so a date-based read of this sector misses a quarter of it. 4 deals on file landed since 1 July 2026: Polymarket at $1B on 31 August, TradeZero at $231M on 11 August, functionSPACE at $1.7M on 24 September and an undisclosed strategic deal at OG_com on 8 September.

Who runs the 20 largest, and who backed them?

Each company below links to its NAUT page, which lists the team and the backers. Lead investors are named only where NAUT flags a lead, which is 6 of the 43 companies.

How much prediction market funding does each team hold?

Total on file per company in $M, rounded, the 12 largest
  1. Kalshi1400
  2. Polymarket1074
  3. TradeZero231
  4. Earnm50.2
  5. Limitless Exchange35
  6. Zeitgeist28.8
  7. Space18
  8. Cascade15
  9. Divergence Protocol13.1
  10. Azuro11
  11. PlotX8.2
  12. Aver7.5

Kalshi, Polymarket and the TradeZero sale account for $2,705.15M, 91.7% of the $2.95B on file. The TradeZero row is an acquisition, so funding rounds alone come to $2.72B. Below the top 3, the drop is steep: 4th place Earnm carries $50.21M, and 23 of the 43 carry under $2.1M each.

Which prediction market investors show up most often?

120 distinct firms, funds and angels back these 43 companies, and almost all of them appear once. The repeat names are short:

What this tells a BD team

  • 26 of the 43 companies carry at least 1 named person, and 17 carry none. Across the set NAUT lists 73 people, 52 of them with their own NAUT page and 56 with an X handle on file, so most of these contacts can be reached without an introduction.
  • The deepest team pages are not the largest raises. Polymarket carries 10 people and Limitless Exchange 9, then Kalshi with 7, but Bullpen Crypto and Noise carry 4 each on $0 and $7.10M on file.
  • 4 of the 20 largest have no backer on file at all. TradeZero, Augur, Cap and Rain Protocol. For those, the people column is the only way in.
  • The freshest money is easy to list. Only 4 deals on file landed since 1 July 2026, so a team that wants a reason to call this week has a short list: Polymarket, TradeZero, functionSPACE and OG_com.
How a BD team can work this list
  1. Start with the 26 that have peopleNAUT lists 73 people across these 43 companies, 52 with their own page and 56 with an X handle.
  2. Pick the deep benchesPolymarket carries 10 named staff, Limitless Exchange 9 and Kalshi 7.
  3. Use the fresh deals as the reason to call4 deals landed since 1 July 2026, at Polymarket, TradeZero, functionSPACE and OG_com.
  4. Go through a shared backerAlliance DAO backs 5 of the 43 and Coinbase Ventures 3, and each investor page lists its own team.

What this tells a founder raising

  • The money is in 2 cap tables. Kalshi and Polymarket hold $2,474.15M of the $2.95B on file, 83.8%, so sector totals say little about what a new team can raise.
  • The realistic comparison set is the other 40 companies, which split $246.3M. 23 of the 43 carry under $2.1M each, and 5 carry no amount on file.
  • Token sales do most of the work below the top. Earnm reached $50.21M across 29 rows and Stage $7.14M across 18, almost all IDO, IEO and launchpad rounds, so a long row count here signals many small sales rather than priced venture rounds.
  • Accelerators are a live door. Alliance DAO leads 4 identical $350,000 accelerator rounds in this sector, the only repeated deal shape on file.
  • The lead is usually unknown. NAUT flags a lead investor for 6 of the 43, so a founder reading this set should treat backer lists as participation, not as evidence of who priced the round.
How a founder can use this list
  1. Set the benchmark honestlyThe 40 companies outside the top 3 split $246.3M, and 23 of the 43 carry under $2.1M each.
  2. Target the repeat backersAlliance DAO backs 5 companies here, and Coinbase Ventures, Arrington Capital, AU21 Capital, NGC Ventures and MEXC Ventures back 3 each.
  3. Check who already owns a rivalGeneral Catalyst backs both Kalshi and Polymarket, and Polychain Capital backs Polymarket and Cascade.
  4. Open the investor pageEach investor above links to its NAUT page, which lists its team and its other holdings.

How to reach the decision makers

Every company, investor and person named here links to its NAUT page. A company page lists the rounds, the backers and the named staff; an investor page lists its team and the companies it backs; a person page carries the title and the X handle on file. 73 people sit across these 43 companies, 52 with a page of their own, which is where an outreach list starts. The quickest route to a warm path is a shared backer: Alliance DAO, Coinbase Ventures, Arrington Capital, AU21 Capital, NGC Ventures and MEXC Ventures each hold 3 or more of these companies and each lists partners on NAUT.

Where this data is thin

Said plainly, so these figures are used for what they are:

  • has no date on any of its 5 rounds, so its $1,400.15M cannot be placed in time, and no outside report was found for the $1B private round as it is labelled on file.
  • is a sale, not a raise. Its $231M row is tagged M&A, which is why funding rounds alone come to $2.72B rather than $2.95B.
  • 3 companies carry rows that look like the same money twice. Limitless Exchange lists a $3M pre-seed, a $10M seed and a $4M strategic round twice each, once with a date and once without, and Earnm and Stage show the same pattern across their launchpad rows. Their totals on file may therefore run high.
  • 9 of the 20 largest have no outside confirmation here. Kalshi, Earnm and Stage returned no source for the round on file. Zeitgeist, Space and Cascade returned sources that disagree with the round type or date on file, so those rows print NAUT's figure only. Cap returned a source that could not be read back. Rain Protocol and prePO were not checked outside.
  • A lead is flagged for 6 of the 43 companies, so no lead is asserted anywhere above without that flag.

Can you pull this data through the NAUT API?

Yes. Every company in this article is in NAUT's developer API as JSON, the same records the pages show. GET https://api.naut.so/v1/projects/kalshi returns that company with its team, in the same shape as every other company named here, for 5 credits a call. A key with no credits gets clearly marked sample data, so you can build against it first. Plans start at $49 a month for 3,000 credits (pricing), and the API docs list every endpoint. Verified Telegram, email and LinkedIn for the people on NAUT unlock on any paid plan: start a 7-day trial.

Prediction market funding FAQ

How much prediction market funding is on file?

$2.95B across 161 rounds and 43 companies tagged Prediction Market on NAUT, read on 28 October 2026. $231M of that is eToro agreeing to buy TradeZero, tagged M&A, so funding rounds alone come to $2.72B.

Who invested in prediction market startups?

120 distinct firms, funds and angels back the 43 prediction market companies on NAUT as of 28 October 2026. Alliance DAO backs 5 of them, and Coinbase Ventures, Arrington Capital, AU21 Capital, NGC Ventures and MEXC Ventures back 3 each. Sequoia Capital, Andreessen Horowitz, General Catalyst, Founders Fund and 1789 Capital sit on the 2 largest cap tables.

Which prediction market company has raised the most?

Kalshi, with $1,400.15M across 5 rounds on file as of 28 October 2026, including a $1B private round. Polymarket is next with $1,074M across 4 rounds, including $1B dated 31 August 2026 and led by 1789 Capital.

Which prediction market startups raised since July 2026?

4 deals on file carry a date after 1 July 2026: Polymarket at $1B on 31 August, eToro buying TradeZero for up to $231M on 11 August, functionSPACE at $1.7M on 24 September, led by Maven 11 Capital and Blockwall, and an undisclosed strategic deal at OG_com on 8 September.

Which prediction market companies list people to contact?

26 of the 43 carry at least 1 named person as of 28 October 2026, 73 people in total, 52 of them with their own NAUT page. Polymarket carries 10, Limitless Exchange 9, Kalshi 7, and Bullpen Crypto and Noise 4 each.

Can I get this data through an API?

Yes. NAUT's developer API at api.naut.so/v1 returns the data behind this article as JSON: GET /v1/projects/kalshi returns that company with its team, in the same shape as every other company named here. A call costs 5 credits, and a key with no credits returns marked sample data for free.

Sources

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