Prediction-market liquidity provider Raven has closed a strategic funding round from Coinbase Ventures and CMCC Global at a $90 million pre-money valuation, extending investor interest beyond trading venues and into the infrastructure supporting their order books. The company did not disclose how much capital it raised, making $90 million a valuation benchmark rather than the size of the financing. According to Raven’s company announcement, the firm plans to use the backing to expand its role as a liquidity provider across the growing prediction-market sector.
Founded in 2023, Raven began as a proprietary high-frequency trading and market-making firm active across centralized and decentralized crypto exchanges before expanding into prediction markets in the second quarter of 2025. Raven says it has since quoted more than 3,000 contracts spanning sports, crypto, macroeconomics and entertainment, including markets on Kalshi and Polymarket as well as other regulated and on-chain venues.
Liquidity Infrastructure Draws Its Own Capital
Raven’s role is different from operating a prediction-market venue. The firm continuously posts buy and sell orders so traders can enter or exit positions without waiting for another participant to take the opposite side. That makes market-making capacity a core part of the infrastructure required for tighter spreads and deeper executable markets, particularly as new platforms add contracts faster than organic liquidity necessarily develops.
The model also extends beyond simply supplying capital. Raven works with venues on APIs, market design, initial listings and opening liquidity before maintaining its presence as platforms expand. That infrastructure layer is becoming more important as large exchanges move into the sector, including Coinbase’s expansion toward prediction markets and tokenized assets. More venues can increase demand for independent liquidity providers even when the platforms themselves compete for the same traders.
Kalshi’s own infrastructure investments illustrate the same dynamic from another direction. Its integration of real-time pricing infrastructure for commodity prediction contracts is aimed at improving how markets are priced and resolved around the clock. Prediction markets increasingly depend on an ecosystem of market makers, data providers and settlement infrastructure rather than the exchange interface alone.
Valuation Rises as Prediction Markets Scale
The $90 million pre-money valuation represents a substantial increase from Raven’s previous funding benchmark. The firm raised $2.7 million in a 2024 seed round at a $25 million valuation led by Hack VC, with Wintermute Ventures and angel investors also participating. The latest financing therefore values Raven at more than three times its earlier private-market benchmark, although the undisclosed investment amount prevents calculation of the company’s post-money valuation.
CMCC Global co-founder Charlie Morris is joining Raven’s board and is expected to work with management on institutional expansion. Raven also said prediction-market volume surpassed $50 billion in July alone, compared with roughly $44 billion across all of 2025. Those sector-volume figures are company-reported and demonstrate trading activity rather than profitability, unique-user growth or durable liquidity demand.
Liquidity itself can also create governance questions. Polymarket’s efforts to support its markets through in-house trading and liquidity provision have highlighted potential conflicts when a venue participates directly in its own markets. Independent firms such as Raven occupy a different structural position, but their growing importance makes transparency around incentives, market-making arrangements and concentration increasingly relevant.
The next measurable milestone is Raven’s expansion among institutional venues and the depth of liquidity it can maintain as prediction markets scale. The strategic round shows investors are now assigning material value to the plumbing behind prediction markets, but sustained spreads, market depth and institutional participation will determine whether that infrastructure thesis translates into durable demand.