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Thursday, December 1, 2022

Event trading startup Probo to secure $25 Mn in Series A funding round

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Probo is likely to acquire $25 million in a Series A round. This would be the company’s second investment round in the last year.

Event trading firm Probo is expected to secure $25 million in its Series A round of funding from new and existing investors. In March 2021, Probo raised $2.5 million from Sequoia and Elevation Capital.

A source said, “Fundamentum, in collaboration with existing investors Sequoia and Elevation, is in late-stage discussions to invest $25 million in Probo. The parameters of the deal have been finalised, and the company may announce it in a few weeks,”

Probo is an event trading website founded by Sachin Gupta and Ashish Garg that allows users to trade their thoughts on future events in many categories such as cricket, politics, football, finance, entertainment, and startups. Users on the platform can sell their opinions for a mutually agreed-upon fee and earn rewards.

According to the initial sources, the deal will value Probo at roughly $100-120 million. Kunal Shah, Kunal Bahl, Rohit Bansal, Bhavik Koladiya, and Vaibhav Domkundwar are among the seed round investors in this startup.

Startups in the reward-based event trading area have recently gained traction in India. Several Y Combinator-backed firms, including Better Opinions and TradeX, have raised financing in recent months.

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