Full Breakdown
Coinbase Ventures and CMCC Global Back Raven in $90 Million Valuation Funding Round
By Drooid · · How we work
Funding Round Highlights
Coinbase Ventures and CMCC Global participated in a strategic financing of Raven, a trading firm that provides institutional liquidity for crypto and prediction-market contracts. The round valued Raven at a $90 million pre-money valuation. Neither investor disclosed the size of its individual contribution. The announcement was confirmed by both firms to CNBC.
Raven’s Business Model and Expansion
Founded in 2023, Raven began as a high-frequency trading firm supplying liquidity on centralized and decentralized exchanges. Since the second quarter of 2025, the company has broadened its services to prediction markets, acting as a market-maker that continuously posts buy and sell orders across more than 3,000 contracts covering sports, crypto, macro-economic and entertainment topics. Raven supplies opening liquidity, advises on technical setup and market design, and remains active in the order book as venues add new categories. Its liquidity is available on platforms such as Kalshi and Polymarket, as well as on non-U.S. regulated and on-chain venues.
Key Figures
Official Statements & Responses
“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,” — Charlie Morris, CMCC co-founder
Morris’ statement underscores CMCC’s intent to work with Raven’s management to broaden the firm’s presence among institutional participants.
Data & Statistics
- Pre-money valuation for the latest round: $90 million.
- Prior seed round (2024): $2.7 million raised at a $25 million valuation, led by Hack VC with participation from Wintermute Ventures and other angels.
- Contract coverage: >3,000 prediction-market contracts.
- Coinbase Ventures is the investment arm of the Coinbase crypto platform, which added prediction markets to its trading app last December.
- CMCC Global is a Hong Kong-based investor focused on blockchain technology.
The funding round positions Raven to deepen its liquidity provision across both traditional and emerging prediction-market venues, while aligning it with major institutional investors in the crypto ecosystem.