Coinbase Ventures and CMCC Global value Raven at $90 million

Raven has closed a strategic funding round with Coinbase Ventures and CMCC Global at a $90 million pre-money valuation. The company did not disclose how much either investor contributed.

Raven, founded in 2023, began as a high-frequency crypto trading firm supplying liquidity on centralized and decentralized exchanges before entering prediction markets in the second quarter of 2025. CNBC reported that the firm now provides institutional market making on platforms including Kalshi and Polymarket, as well as non-U.S. regulated or on-chain venues.

The company continuously places buy and sell orders on contracts, allowing traders to enter and exit positions more easily. It has quoted more than 3,000 contracts across sports, crypto, macroeconomics and entertainment.

Petar Kostov, Raven's co-founder, said venues with limited trading volumes can struggle to find a liquidity partner, while high-volume venues can struggle to obtain enough liquidity to meet demand. Raven also advises platforms on technical setup and market design, including API specifications and the initial markets to list.

Its role can begin before a venue opens: Raven says it supplies opening liquidity at launch and remains active as a platform adds categories.

Coinbase Ventures is the investment arm of Coinbase, which introduced prediction markets in its trading app in December 2025. CMCC Global is a Hong Kong-based blockchain investor. Charlie Morris, CMCC Global's co-founder, has joined Raven's board and will work with management on institutional expansion.

The new valuation follows Raven's 2024 seed round, when it raised $2.7 million at a $25 million valuation. That round was led by Hack VC, with Wintermute Ventures and undisclosed angel investors participating, according to The Block.

Raven was co-founded by former Wintermute employees Kostov, Yuriy Myronovych and Ivaylo Kirilov. Its early business included providing liquidity to exchanges and projects under service-level agreements, which require a specified level of liquidity for a token or market across trading platforms.