Prediction-Market Firm Raven Draws $90M Pre-Money Round From CMCC Global and Coinbase Ventures

Raven has raised new capital at a $90 million pre-money valuation from CMCC Global and Coinbase Ventures, aiming to become the one-stop shop for prediction markets.

Already a market maker on major centralised and decentralised exchanges, the high-frequency trading firm is extending its prediction-markets liquidity business.

Prediction markets are expanding faster than the infrastructure underneath them. The sector processed roughly $30 billion in volume during April 2026 and passed $50 billion in a single month around the World Cup, compared with roughly $44 billion across all of 2025. Even so, new venues and markets keep appearing, and every one of them needs liquidity from its first day to function.

Venues with little volume often cannot find a liquidity partner at all, while busy venues struggle to secure enough liquidity to keep pace. That is where Raven fits in. The proprietary trading firm provides the liquidity and assistance that venues and markets need to launch and expand, and it has brought in new capital to do so at scale.

Raven announced today that a strategic round backed by CMCC Global and Coinbase Ventures has closed at a $90 million pre-money valuation. Founded by CEO Petar Kostov and CTO Yuriy Myronovych, the company counts Hack VC and Wintermute Ventures among its existing backers; those two investors took part in its 2024 seed round.

“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.

Raven is building toward a one-stop shop for that market: it provides event-contract liquidity, helps new exchanges and brokerages launch and bootstrap from day zero, and stays on to support their product, tech, community, and ecosystem initiatives.

Using algorithmic strategies, Raven trades around the clock across the US, APAC, and the EEA and now covers more than 10 prediction-market venues. These include Kalshi and Polymarket, where it posts quotes beside other professional market makers, as well as many venues that later went live with Raven’s support.

Raven’s quote history spans more than 3,000 contracts and nearly all contract categories, from politics, crypto, macro, sports, commodities, entertainment, and weather.

The prediction-market sector is still young, and a large share of its builders are in the earliest stages. Crypto startups already have a broad base of industry know-how and resources to carry them through a launch. Most of that support does not yet exist in prediction markets, so Raven’s work with a venue begins weeks before it goes live.

“We work directly with the venue’s engineering team, from drafting the API specifications to writing the SDKs,” said Yuriy Myronovych, CTO of Raven. “We share feedback at every stage, so that when other liquidity providers onboard later, the process is as frictionless for them as possible.”

On the design side, Raven also helps venues decide which categories and markets to list first, weighing where early demand is likely to show up and what can be priced with confidence. When launch day arrives, Raven supplies the opening liquidity. After that, as new categories and listings come live, Raven broadens its coverage and keeps sending the venue’s team regular feedback on market quality.

“The most important part of the job comes after launch,” Kostov said. “A liquidity partner’s main role is to stay in the book and keep supporting the venue when things go wrong, including in a crisis such as a hack. As long as the exchange is running, we stay in the book.”

Before founding Raven, Kostov and Myronovych worked at Wintermute, one of crypto’s largest market makers, where Myronovych built and led the DeFi desk. They started Raven in 2023 and entered prediction markets in the second quarter of 2025. The company spent its opening months on research and integration before ramping up in the fourth quarter, when its first venue-launch partnerships went live.

Raven has open roles across engineering and trading, including quantitative trader positions in crypto and sports prediction markets. Those positions sit in Milan and Sofia and are listed at raven-trading.com/careers.

ABOUT RAVEN

Raven runs a proprietary trading business in market-making and liquidity across centralised exchanges, decentralised exchanges, and prediction markets. Its involvement extends across the sector, from offering launch liquidity for new exchanges and tokens to quoting spot and perpetual pairs. It also collaborates with venue teams on architecture and community.

Founded in 2023 by CEO Petar Kostov and CTO Yuriy Myronovych, both former Wintermute employees, Raven operates from Milan and Sofia. Its backers include CMCC Global, Coinbase Ventures, Hack VC, and Wintermute Ventures.