Key takeaways: According to co-founder Petar Kostov, Raven was founded in 2023 as a crypto liquidity provider and has recently expanded into the prediction market sector.
Raven has already provided quotes for more than 3,000 contracts, covering categories such as sports, crypto, macroeconomics and entertainment.
Trading firm Raven has completed a strategic funding round led by Coinbase Ventures and CMCC Global, at a pre-money valuation of $90 million.
Co-founder Petar Kostov stated that Raven was founded in 2023 and originally provided liquidity for crypto trading, before expanding its business into prediction markets starting in the second quarter of 2025.
"Trading platforms with low volume often struggle to find liquidity partners, while platforms with massive volume often struggle to secure sufficient liquidity to match market demand," Kostov said in an interview.
Coinbase Global, Inc. (NASDAQ: COIN) and CMCC Global confirmed the funding. Coinbase Global, Inc. is the investment arm of the crypto trading platform, which launched prediction market features within its trading app last December. CMCC Global is a Hong Kong-based investment institution focused on the blockchain sector. CMCC co-founder Charlie Morris said, "We are pleased to support Raven's next phase of business expansion and consolidate its liquidity dominance on partner platforms." Morris has joined Raven's board of directors and will work with management to expand institutional client business.
Raven is an institutional market maker for prediction markets, continuously posting buy and sell orders for various contracts to provide traders with the liquidity needed to open and close positions. However, Kostov said the company's role is diversified. He added, "In the early stages of a project, we provide consulting on technology building and market design, including API interface specifications and which trading categories to prioritize. When a platform launches, we provide initial bootstrapping liquidity; after launch, we continuously post quotes and make markets, and as the platform grows, we assist it in expanding into new trading categories."
According to Raven's official website, the company provides liquidity for prediction market platforms such as Kalshi and Polymarket, while also participating in overseas regulated trading platforms and on-chain markets. Raven has provided quotes for more than 3,000 contracts, covering sports, crypto, macroeconomics and entertainment themes.
Before entering prediction markets, Raven was already an established high-frequency trading firm, providing liquidity for centralized and decentralized exchanges. The Block's previous reporting shows that the company completed a $2.7 million seed round in 2024 at a valuation of $25 million, led by Hack VC, with participation from Wintermute Ventures and other angel investors. Raven declined to disclose the respective investment amounts from Coinbase Ventures and CMCC Global in this round.
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