Ex-Polymarket, Kalshi Staff Raise $15 Million to Enter Prediction Market Space

Union Square Ventures led the round, which Haun Ventures, Variant, Coinbase Ventures, and other prominent investors joined.

Ziv Chen

Last Updated: August 30, 2025 2:00 PM EDT • 2 minute read

Ex-Polymarket, Kalshi Staff Raise $15 Million to Enter Prediction Market Space — Pictured: A line chart can be seen on a smartphone in front of the display of a laptop on which a trading platform is open. Photo by Silas Stein/dpa/Sipa USA via Imagn Images.

The Clearing Company, a new prediction market platform created by former Polymarket and Kalshi executives, secured $15 million in seed funding this week. Union Square Ventures led the round, with participation from Haun Ventures, Variant, Coinbase Ventures, and other prominent investors.

The company is developing a permissionless, on-chain, and regulated prediction market aimed at increasing transparency and accessibility in event-based trading.

Led by CEO Toni Gemayel, who previously headed growth at both Polymarket and Kalshi, the startup has assembled a team that includes several ex-Polymarket staff. Its launch comes at a time when the prediction market sector is seeing renewed momentum.

Polymarket recently reported more than 286,000 active traders in July, ending half a year of declines, while Kalshi has bolstered its operations by appointing crypto influencer John Wang as its head of crypto strategy.

Competition is also expected to intensify, with Robinhood preparing to collaborate with Kalshi to offer sports prediction markets. At the same time, Ethereum co-founder Vitalik Buterin recently criticized current platforms for not providing interest on deposits, limiting their appeal for hedging purposes.

Despite such concerns, the backing from leading investors and additional support from Asylum, Compound, Cursor Capital, Earl Grey, Rubik, and multiple angel investors indicates strong confidence in the growth potential of regulated prediction markets.

Polymarket signals US return

The heightened activity across prediction markets coincides with Polymarket preparing a re-entry into the US market. The company has launched a new waitlist and advertising campaign suggesting its sports contracts will be available nationwide by the 2025 NFL season.

Ads placed through Meta's platforms, including Facebook and Instagram, include slogans such as "BREAKING: Legal football trading is coming to ALL 50 states this fall" and "BIG NEWS, Texas. Trading on football will be LEGAL this fall."

Polymarket, which exited the US in 2022, has recently acquired a federally registered exchange, allowing it to operate domestically. Its focus is strong on football trading, with multiple offers directed at states that currently prohibit sports betting. One ad showcased a US map pinpointing only those states that don't support legal sports betting, emphasizing the company's focus on untapped markets.

As Polymarket frames its product, it is adopting a similar approach to Kalshi in framing its contracts as financial assets regulated by the Commodity Futures Trading Commission, rather than as gambling propositions. However, its promotions are similar to those of the best sports betting sites, and Polymarket's odds for its contracts contrast with those at DraftKings, FanDuel, and BetMGM.

The dual framing mirrors both the regulatory framework issue and the consumer-facing concern about distinguishing prediction markets from sports betting operators.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.