Coinbase Ventures Joins Raven Investment at $90 Million

Raven disclosed Saturday that it closed a funding round at a $90 million pre-money valuation, led by CMCC Global and Coinbase Ventures.

Key Takeaways

Raven closed a funding round at a $90 million pre-money valuation led by CMCC Global and Coinbase Ventures
Raven is based in Sofia, Bulgaria, and aims to become a one-stop shop for prediction markets
Prediction-market shares tied to correct binary outcomes pay $1, while shares that resolve wrong pay nothing
Raven plans to aggregate liquidity into a single access point rather than build another isolated venue

The Bulgaria-based company wants to become what it calls a one-stop shop for prediction markets, contracts that let traders bet directly on real-world outcomes such as elections or economic data releases. The round was first reported by Fortune’s wire service.

Prediction markets let users buy shares tied to binary yes-or-no outcomes, with prices shifting as new information changes the probability of an event. A share that resolves correctly pays $1.

One that resolves wrong pays nothing.

The sector has grown sharply in 2026 as platforms like Polymarket pushed trading volume into the billions, attracting political bettors and institutional traders seeking an alternative to traditional derivatives.

Also Read: Coinbase and Kalshi Get Partial Shield in Illinois Gambling Lawsuit

Coinbase Ventures Backs Prediction-market Infrastructure

Coinbase Ventures, the venture arm of publicly traded exchange Coinbase (COIN), has increasingly targeted market-infrastructure plays beyond spot trading, fitting its broader effort to diversify revenue away from transaction fees. CMCC Global focuses on digital-asset infrastructure investments across Asia and Europe.

Neither investor’s exact check size was disclosed, and Raven did not break out how the $90 million valuation splits between new and existing equity.

The $90 million pre-money figure is a valuation, not revenue or a revenue forecast.

For that valuation to make sense, Raven will need to aggregate liquidity rather than simply add another venue to a fragmented market. Liquidity fragmentation remains prediction markets’ core unsolved problem, with volume split across Polymarket, Kalshi and smaller venues that rarely share order books.

Raven’s pitch is to aggregate that liquidity into a single access point rather than build another isolated venue.

Whether that plan works will depend on rival platforms agreeing to interoperate rather than treating Raven as a competitor, a question the company has not yet publicly addressed.