Coinbase Ventures and CMCC Global close strategic funding round with trading firm Raven
Coinbase Ventures and CMCC Global closed a strategic funding round with Raven, a trading firm, at a $90 million pre-money valuation.
Founded in 2023, Raven provides liquidity in crypto trading but has expanded into prediction markets since the second quarter of 2025, according to cofounder, Petar Kostov.
"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," Kostov told CNBC.
Coinbase Ventures and CMCC Global confirmed the funding round with CNBC. Coinbase Ventures is the investment arm of Crypto platform Coinbase, which introduced prediction markets in its trading app last December. CMCC Global is a Hong Kong-based 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 Charlie Morris, CMCC co-founder. Morris has joined Raven's board of directors and will work with management to expand among institutions.
Raven serves as an institutional market-maker for prediction markets, generating constant buy and sell orders on contracts, giving traders liquidity to enter and exit positions. But the company wears multiple hats, Kostov said.
"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," he added.
The firm provides liquidity on prediction market platforms such as Kalshi and Polymarket, while also participating in both non-U.S. regulated or on-chain venues, according to Raven's website. Raven has quoted more than 3,000 contracts, including sports, crypto, macroeconomics and entertainment.
Raven was an established high-frequency trading firm providing liquidity across centralized and decentralized exchanges before entering prediction markets.
According to The Block, the company raised $2.7 million in a seed funding round at a $25 million valuation, with Hack VC leading. Wintermute Ventures with other angel investors were also in a 2024 round.
Raven declined to comment on how much Coinbase and CMCC each invested in the latest round.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
