Kalshi, a U.S.-based prediction marketplace, recently announced it has raised over $300 million in a Series D funding round, which will help the platform extend its services to over 100 nations.

Led by Sequoia Capital and Andreessen Horowitz (a16z), with participation from Paradigm, the funding was disclosed to Cointelegraph on Friday. The funding round aims to launch Kalshi in more than 140 countries, enabling the platform to attract billions of potential new users.

The latest investment values Kalshi at $5 billion, an increase of $3 billion since its previous fundraising of $185 million in June.

Along with Sequoia, a16z, and Paradigm, other investors in this round include CapitalG, Coinbase Ventures, General Catalyst, and Spark Capital.

Kalshi’s expansion plans come with a note that the platform is currently restricted in 38 jurisdictions, including countries like Canada, France, and the United Kingdom. This decision aims to comply with local regulations while continuing to scale its offerings.

“Kalshi has emerged as the leading prediction market platform, and we’re thrilled to back them,” said Alex Immerman from a16z.

“Kalshi has become the first CFTC-regulated prediction market, showcasing a commitment to responsible operation while providing a vast array of trading opportunities.”

The growing trend of prediction markets is evident, especially in light of significant capital flowing into competitors like Polymarket, which recently secured a $2 billion investment, elevating its valuation to $9 billion.

For more information on Kalshi’s offerings and the jurisdictions where it is operating, refer to the Kalshi member agreement.