5c(c) Capital, a new venture fund founded by two early Kalshi employees, is raising up to $35M to invest in around 20 prediction market startups over the next two years, with backing from Kalshi CEO Tarek Mansour, Polymarket CEO Shayne Coplan, Marc Andreessen, Ribbit Capital founder Micky Malka, and former Multicoin Capital managing partner Kyle Samani. The fund's first close is expected within the next month, according to a pitch document seen by Fortune. The raise comes as Kalshi is seeking $1B at a $22B valuation and Polymarket eyes a similar $20B valuation, even as both platforms face mounting legal pressure from state regulators who argue their sports betting markets are subject to state gambling laws rather than federal CFTC oversight.
