Raven courts investment from Coinbase Ventures, CMCC Global at $90M pre-money valuation
2 mins read
| The news: Raven, a trading firm that makes markets on prediction markets and crypto, raised a strategic round from Coinbase Ventures and CMCC Global at a $90M pre-money valuation. The amount wasn’t disclosed. CMCC co-founder Charlie Morris has joined Raven’s board and will work with the company on its institutional expansion. |
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Zoom in: Raven was founded in 2023 and began as a liquidity provider for crypto markets, then expanded into prediction markets in Q2 2025. It now provides liquidity to platforms including Kalshi and Polymarket and has quoted more than 3,000 contracts across sports, crypto, macroeconomics, and entertainment. “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,” Morris said. |
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Why it matters: Raven’s valuation has more than tripled since its $2.7M seed in 2024, which Hack VC led at $25M. The new money comes from the investment arm of Coinbase, which launched prediction markets in its own trading app last year. Headline valuations go to the exchanges, but traders stay where spreads are tight. That makes market makers like Raven a key part of the infrastructure, and investors are starting to price them that way.
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