Raven Reaches $90M Valuation to Scale Prediction Market Liquidity

High-frequency trading firm Raven has secured a $90 million pre-money valuation in a funding round led by CMCC Global and Coinbase Ventures. The company will use the capital to scale its liquidity provision services as it shifts its focus toward institutional market participation.

Since entering the prediction market space in the second quarter of 2025, Raven has quoted over 3,000 contracts across more than 10 venues, including platforms like Kalshi and Polymarket. The firm provides the underlying infrastructure that allows these markets to function at scale.

"Retail brought the first wave of volume to prediction markets. Institutions are bringing the second. Both need reliable liquidity across a lot of venues and a lot of contracts, and that's what we build at Raven," said Petar Kostov, CEO of Raven.

The Shift Toward Institutional Volume

The funding arrives as prediction markets experience a surge in activity. Market volume reached approximately $30 billion in April 2026 and exceeded $50 billion in a single month during the World Cup. For comparison, the entire volume for the 2025 calendar year was roughly $44 billion, indicating a rapid acceleration in market participation.

"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, co-founder of CMCC Global.

Operational Model and Technical Integration

Raven differentiates its service model by embedding itself within the development cycle of the trading venues it supports. Instead of acting strictly as an external market maker, the firm provides direct technical consulting to ensure that order books remain deep.

"We work directly with the venue's engineering team, from drafting the API specifications to writing the SDKs," said Yuriy Myronovych, CTO of Raven.

This technical integration lowers the barrier to entry for institutional traders, who require high-performance APIs and standardized software development kits to manage large positions across fragmented prediction venues. By standardizing these interfaces, Raven provides the consistent liquidity necessary for market expansion.