The trading outfit Raven drew strategic capital from Coinbase Ventures and CMCC Global, pegging its pre-money valuation at $90 million. Both investors said they took part, and Raven declined to specify how much each one put in.
Raven started in 2023 as a high-frequency shop that supplied liquidity across centralized and decentralized exchanges. Since the second quarter of 2025, it has added prediction markets to the mix, acting as an institutional market-maker that keeps bids and offers flowing so traders can get in and out of contracts. The firm says it has quoted more than 3,000 contracts spanning sports, crypto, macroeconomics and entertainment.
It provides liquidity on platforms including Kalshi and Polymarket, and it also participates on both non-U.S. regulated or on-chain venues. Cofounder Petar Kostov put the market's pain points bluntly: "Venues without enough trading volume often struggle to find a liquidity partner at all. Venues with a lot of trading volume often struggle to find enough liquidity to keep up."
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Coinbase Ventures, the firm's investing arm, serves as the company's venture unit, and the company added prediction markets to the Coinbase trading app last December. Also joining the round is CMCC Global, a Hong Kong investor focused on blockchain technology. "We are excited to support Raven's next phase of growth as they expand the business and continue to dominate liquidity on the venues that they serve," said CMCC co-founder Charlie Morris.
He has taken a seat on Raven's board and will work with the team to deepen ties with institutions.
Inside Raven, the work starts early: "Early on, we advise on the technical setup and on market design, from API specifications to which markets to list first. At launch, we provide the opening liquidity. After launch, we stay in the book and help the venue expand into new categories as it grows," Kostov said.
Raven had previously raised $2.7 million in a seed round at a $25 million valuation, led by Hack VC, according to The Block. Wintermute Ventures and other angel investors also participated in a 2024 round.
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