Raven closes strategic round at $90M valuation for prediction-market liquidity

Raven supplies the trading machinery behind prediction markets rather than running a consumer-facing exchange. Its algorithms continuously post prices to buy and sell event contracts, giving traders a way to enter or exit without waiting for an exact counterparty. The firm said it has closed a strategic financing from Coinbase Ventures and CMCC Global at a $90 million pre-money valuation; the investment amount wasn't disclosed.

The company says it now quotes on more than 10 prediction-market venues, including Kalshi and Polymarket, and has quoted prices for more than 3,000 contracts since entering the category in the second quarter of 2025. Those contracts span sports, politics, crypto, macroeconomics, commodities, entertainment and weather.

Raven's role can start weeks before a new venue opens. It works with engineering teams on API specifications and software-development kits, advises on which markets to list first, and then supplies opening-day liquidity. After launch, it keeps quoting as new markets appear and gives operators feedback on market quality.

Prediction markets are only one part of the business. Founded in 2023 by former Wintermute employees Petar Kostov and Yuriy Myronovych, Raven also makes markets in crypto spot and perpetual products across centralized and decentralized exchanges. It operates from Milan and Sofia as a proprietary trading firm serving venues and token issuers.

The new pre-money valuation is more than three times the $25 million valuation following Raven's $2.7 million seed round in 2024, according to Casino.org. Hack VC led that earlier financing, with Wintermute Ventures participating. CMCC Global co-founder Charlie Morris is joining Raven's board after the latest deal.

The financing puts more capital behind Raven's effort to serve new exchanges from market design through day-to-day quoting, a broader job than simply placing orders after a venue opens. Raven says it is hiring engineers and quantitative traders for crypto and sports prediction markets in Milan and Sofia.