Coinbase Ventures and CMCC Global have closed a strategic funding round with trading company Raven at a pre-money valuation of $90 million.
Co-founder Petar Kostov said Raven was founded in 2023 to provide liquidity for crypto trading, but expanded into prediction markets starting in the second quarter of 2025.
“Venues without sufficient trading volume often struggle to find liquidity partners. Venues with high trading volume often struggle to find enough liquidity to sustain themselves,” Kostov told CNBC.
Coinbase Ventures and CMCC Global have confirmed a funding round with CNBC. Coinbase Ventures is the investment arm of the crypto platform coinbaseintroduced prediction markets in its trading app last December. CMCC Global is a Hong Kong-based investor focused on blockchain technology.
CMCC co-founder Charlie Morris said, “We are excited to support Raven’s next phase of growth as it expands its business and continues to dominate the liquidity of the venues it serves.” Mr. Morris will join Raven’s Board of Directors and work with the management team to expand across institutions.
Raven acts as an institutional market maker in prediction markets, generating a set of buy and sell orders based on contracts, giving traders liquidity to enter and exit positions. But Kostov said the company wears a variety of hats.
“Early on, we advise on the technical setup and market design, from API specifications to which markets to list first. At launch, we provide opening liquidity. After launch, we help venues stay on track and expand into new categories as they grow,” he added.
According to Raven’s website, the company provides liquidity on prediction market platforms such as Karshi and Polymarket, while also participating in regulated and on-chain sites outside the United States. Raven cites over 3,000 contracts across sports, crypto, macroeconomics, entertainment, and more.
Before entering prediction markets, Raven was an established high-frequency trading company providing liquidity to centralized and decentralized exchanges.
According to The Block, the company has raised $2.7 million in a seed funding round led by Hack VC at a valuation of $25 million. Wintermute Ventures also participated in the 2024 round along with other angel investors.
Raven declined to comment on how much Coinbase and CMCC each invested in the latest round.
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