Coinbase Ventures and CMCC Global Invest in Raven as Funds Flow to Prediction Markets

Raven received backing from Coinbase Ventures and CMCC Global in a strategic round whose size was not disclosed, CNBC reported on September 29, 2026. CNBC added that the company had a pre-money valuation of $90m for that round. The firm, based in Bulgaria, offers high-frequency trading and market-making services in prediction markets, cryptocurrency exchanges, and DeFi platforms.

How Raven Supports Prediction Markets

Raven operates by providing liquidity and real-time execution for rapidly growing order books. The company continuously quotes bid and ask prices, allowing traders to enter and exit positions with less price impact. This role becomes more demanding as platforms list thousands of markets and trading volume rises.

Raven is active on Polymarket, Kalshi, and Gemini Predictions, among others, according to its corporate website. Additionally, the firm claims to provide liquidity on more than 30 centralized and decentralized exchanges. It was founded by former members of the DeFi trading team from the market maker Wintermute, and among its early investors were Hack VC and Wintermute Ventures.

Capital Flows into Prediction Markets

The investment in Raven comes amid a marked increase of capital entering the sector. According to data from Dealroom cited by the coverage, prediction market companies raised approximately $6.4bn in 2025 and 2026. Before 2025, annual funding rarely exceeded $50m.

Kalshi and Polymarket captured nearly all of that capital: investors have put approximately $6.3bn into those two companies since June 2025. This figure includes several major rounds for Kalshi and contributions to Polymarket from Intercontinental Exchange, owner of the New York Stock Exchange. ICE has invested approximately $1.6bn in Polymarket since 2025 and has indicated the possibility of continued investment.

Why Market Makers like Raven Matter for Prediction Markets

The growth in volume and the proliferation of markets require post-trade and liquidity infrastructure to scale. Raven occupies the operational layer that keeps the books deep: algorithmic execution, risk management across multiple venues, and the continuous provision of competitive spreads. In practice, this means managing exposure in markets like Polymarket and Kalshi while connecting to cryptocurrency exchanges and DeFi pools.

Consultants and sector analysis are already calibrating economic opportunities beyond mere speculation: Oliver Wyman estimated that prediction markets could generate between $3bn and $5bn annually in revenues for financial infrastructure firms, and up to $13bn–$19bn under widespread adoption, with nearly half of that pool coming from post-trade services, data, and technology.

Signals in the Ecosystem and Parallel Operations

The recent distribution of capital was not limited to consumer-facing exchanges. Coinbase Ventures participated in a $8.5m round for the prediction market infrastructure firm River Markets in August. Simultaneously, Coinbase received approval this week from the Commodity Futures Trading Commission for Coinbase Clearing LLC as a derivatives clearing organization, completing its internal stack of exchange, brokerage, and clearing for regulated derivatives.

Activity figures show how liquidity and volume have scaled: Kalshi and Polymarket generated a combined volume of $53bn in July and approximately $212bn during the first seven months of 2026, according to Pew Research Center. The July volume was more than double the $25.7bn recorded in May 2026.

Bernstein revised its projections upward: in April it expected around $240bn for 2026 and then raised the estimate to approximately $410bn, with a long-term projection of $10tn annually by 2035.

Implications for Operators, Platforms, and Regulators

For operators and platforms, incoming capital to market-making and execution tooling firms means the demand for liquidity capacity and multi-venue connectivity solutions will continue to grow. Raven and similar providers offer expertise in high-frequency execution, distributed risk management, and access to multiple liquidity pools, functions that client platforms will need to integrate to support deeper books and more markets.

On the regulatory front, the approval of Coinbase Clearing LLC by the Commodity Futures Trading Commission shows that some participants are seeking to build complete stacks within regulated frameworks. This move may influence the appetite of institutional investors and the strategy of large exchanges by combining retail business with clearing capabilities.

What Comes Next for Raven and the Sector

The round backing Raven did not have its size publicly disclosed, but the pre-money valuation reported by CNBC at $90m indicates capital interest in the liquidity provider segment. The concentration of funds in Kalshi and Polymarket will continue to shape the market, but funding is also diversifying towards infrastructure and market makers.

For product managers and risk teams on market platforms, the operational message is clear: liquidity scalability and integration with multiple venues are priorities. For investors and corporate buyers, the existence of specialized execution and liquidity providers, like Raven, opens alternatives for outsourcing complexity and accelerating market offering growth.

Written by Renata Quiroga, Betting Markets Correspondent.