Coinbase Ventures and CMCC Global Fund Raven at $90 Million Valuation
Coinbase Ventures and CMCC Global led a round valuing Raven at $90 million, more than tripling its $25 million post-seed valuation from 2024. The liquidity provider entered prediction markets in Q2 2025 and has facilitated thousands of event contracts. Coinbase adds to prior bets on Billy Bets, Earlybird, and Limitless.
SCCG Take — The round underscores institutional demand for prediction market infrastructure that delivers liquidity and accurate pricing at scale.
Coinbase Ventures and CMCC Global led a financing round for Raven that values the prediction market liquidity provider at $90 million.
Founded in 2023, Raven began operating in the space during the second quarter of 2025. The firm has since made markets in thousands of event contracts. It also supplies liquidity to traditional financial assets as well as digital assets and token projects in both centralized and decentralized finance settings.
Charlie Morris, CMCC co-founder, will take a seat on the Raven board. The parties did not disclose the size of the investment.
According to Casino.org News, the $90 million pre-money valuation more than triples the $25 million valuation that followed Raven’s $2.7 million seed round in 2024. Hack VC led that round, with Wintermute Ventures among the participants.
Raven positions itself as a next generation algorithmic high-frequency trading firm focused on long-lasting partnerships and building the future of digital finance.
Market makers perform an essential service in this ecosystem. They prevent illiquidity, delays, and pricing inaccuracies. Participants gain the ability to trade instantly rather than await a match. Competition among such firms narrows spreads while aligning contract prices with the market’s probability assessment.
Coinbase Ventures Extends Prediction Market Reach
This latest commitment builds on Coinbase Ventures’ prior moves in the category. The venture arm backed Billy Bets, an autonomous AI agent trading sports contracts on platforms including Polymarket. It holds stakes in Earlybird, which permits retail trading on future outcomes for privately held companies. Coinbase Ventures also invested in Limitless, one of the largest prediction markets not operating in the U.S.
The deal illustrates continued capital allocation toward entities that strengthen prediction market operations.
Reporting: Casino.org News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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