Event trading startup Probo to close $25 million deal in coming weeks

The Series A round will render Probo a valuation at around $100 to $120 million

Event trading startup, Probo is approaching a total fund of $25 million in Series A round involving new and existing investors, marking the second funding round for the startup in last one year.

In 2021, Probo nabbed $2.5 million from Elevation and Sequoia Capital.

Speculations have it that Sequoia and Elevation - accompanied by Fundamentum - are in late-stage talks to close a $25 million investment deal with Probo.

While the terms of the deal seem to be finalized, the industry awaits an official announcement, which is expected to happen in the coming weeks.

The event trading platform founded by Ashish Garg and Sachin Gupta enables users to present their opinions on future events across various categories including sports - like cricket, football, finance, politics, entertainment or even startups.

Users can share or propose their ideas at a reasonable and mutually agreeable price and win rewards for it.

Various company sources have claimed that the deal will escalate Probo’s valuation to some $100 to $200 million.

Meanwhile, the event trading startup has refrained from responding to any queries sent, just like Sequoia, Fundamentum and Elevation have.

Some of Probo’s seed round investors are Rohit Bansal, Vaibhav Domkundware, Kunal Shah, Bhavik Koladiya and Kunal Bahl.

In recent years, startups foraying into the space of reward-based event trading have realised lucrative scope in the Indian market.

Moreover, several Y Combinator-backed service providers like TradeX and Better Opinions have raised generous funds in last few months.

In terms of global reach, the segment has received equally gratifying response, notably the U.S. and western markets, fostering startups like Bitclout, Kalshi, Hedgehog, and Polymarket, that have raised substantial funding.

Last year, Kalshi raised $30 million in Series A round from Sequoia whereas Polymarket received funds from Polychain Capital and angel investors like Balaji Srinivasan and Naval Ravikant.

Source Credit: https://entrackr.com/2022/02/exclusive-event-trading-startup-probo-set-to-raise-25-mn-series-a/