Raven, the market maker that provides liquidity across more than 10 prediction-market venues, has raised a strategic round at a $90 million pre-money valuation. CMCC Global and Coinbase Ventures led the investment, with existing backers Hack VC and Wintermute Ventures — both of which participated in the firm's seed round in 2024 — also in the cap table. Terms weren't disclosed.
The raise lands at a moment when prediction markets have stopped being a niche curiosity and started behaving like a real asset class. The sector cleared roughly $30 billion in volume in April 2026 alone and blew past $50 billion in a single month around the World Cup — against roughly $44 billion for the whole of 2025.
A market maker built for event contracts
Raven was founded in 2023 by CEO Petar Kostov and CTO Yuriy Myronovych, both formerly of Wintermute. It entered prediction markets in Q2 2025 and scaled up in Q4 2025 when its first venue launch partnerships went live. The firm now covers venues including Kalshi and Polymarket and has quoted more than 3,000 contracts across politics, crypto, macro, sports, commodities, entertainment and weather.
That's a wide net for a company that didn't exist three years ago. But the pitch is straightforward: event contracts are a different animal from spot crypto. They have expiry dates, binary payoffs and thin books at launch. Someone has to stand on the other side of a trade at 3 a.m. when a Senate vote flips or a striker pulls a hamstring. Raven trades algorithmically around the clock across the US, APAC and the EEA.
More than just quoting prices
The company's remit goes beyond putting two-sided markets on screen. Raven provides launch and bootstrapping for new exchanges and brokerages from day zero, then sticks around for product, tech, community and ecosystem work. It also works directly with venue engineering teams — drafting API specifications, writing SDKs, and advising on market design and launch liquidity.
That last part matters. New prediction venues tend to fail not because of weak demand but because the first few weeks are a ghost town. A market maker that helps design the contract before it lists has a better shot at making it tradeable. It's a consulting business and a trading business wearing the same coat.
Raven operates from Milan and Sofia and is hiring across engineering and trading, including quantitative traders focused on crypto and sports prediction markets. The dual-city setup is unusual for a firm this size but reflects the founder profile — Kostov and Myronovych came out of Wintermute, which itself grew fast with a lean, distributed trading team.
What the fresh capital is for
The company hasn't detailed spending plans, but the hiring pipeline points in one direction: more coverage, more venues, more contracts. Prediction markets are still a fragmented landscape. Kalshi and Polymarket dominate the US conversation, but dozens of smaller venues and brokerages are launching or planning to. Each one needs someone to seed its order books.
The $90 million pre-money valuation is a notable step up for a firm whose seed round closed in 2024, though Raven didn't disclose the size of either round. The involvement of a US-regulated exchange's venture arm in Coinbase Ventures is also a signal that prediction markets are being taken seriously by the institutional side of crypto, not just the degen fringe.
Raven's next concrete moves will be visible in its hiring page and in the venues it announces. The firm has said it's actively recruiting quantitative traders for crypto and sports prediction markets, which suggests sports is the next vertical it intends to deepen. Whether that translates into a formal venue partnership this quarter is the open question.
