Arena raises $200M Series B at $3.1B valuation

Arena raised a $200 million Series B at a $3.1 billion valuation, led by Lightspeed Venture Partners and Khosla Ventures. The round nearly doubles its $1.7 billion Series A valuation from January 2026. The Berkeley-originated leaderboard operator claims tens of millions of monthly visitors and sells paid evaluations to labs and enterprises.