Raven, a proprietary trading firm that provides liquidity to prediction markets, has completed a strategic funding round at a pre-money valuation of $90 million. Investors include CMCC Global and Coinbase Ventures, while Hack VC and Wintermute Ventures participated in the company’s 2024 seed round. The new capital will support Raven’s expansion across prediction-market platforms, where liquidity can determine whether a new venue launches smoothly and whether traders can transact across a broad range of contracts.
Raven now trades across more than 10 prediction markets
Founded in 2023 by Chief Executive Officer Petar Kostov and Chief Technology Officer Yuriy Myronovych, Raven is a proprietary trading firm active across centralized exchanges, decentralized exchanges and prediction markets. The company says it currently trades on more than 10 prediction-market platforms, including Kalshi and Polymarket, and works alongside other specialist market makers to provide quotes.
Since entering prediction markets in the second quarter of 2025, Raven has quoted more than 3,000 contracts covering politics, cryptocurrencies, macroeconomics, sports, commodities, entertainment and weather. Its teams in the United States, Asia-Pacific and the European Economic Area run algorithmic trading operations around the clock.
Smaller prediction-market platforms can struggle to secure liquidity partners in their early stages, while larger venues need additional capital and market-making capacity to support expansion. Raven positions itself as a liquidity and operating partner, providing contract market making, launch support for new exchanges and brokerage platforms, and assistance with product, technology, community and ecosystem development.
Raven helps platforms prepare before launch
Raven typically joins a new platform several weeks before its public launch. It works with engineering teams to define API specifications, develop software development kits and provide feedback during integration. Myronovych said the process is also intended to make it easier for additional liquidity providers to connect later.
The firm also advises on the first markets and contract categories to list, assessing where early demand may come from and which markets are likely to support more reliable pricing. On launch day, Raven supplies initial liquidity. As new categories and contracts are added, it expands its coverage and provides regular feedback to platform teams on market quality.
Kostov said market-making support extends beyond the launch phase. Liquidity partners need to remain active in the order book as a platform operates and should continue supporting it during crises, including hacking incidents. Raven’s policy is to keep quoting as long as the exchange remains operational.
Monthly prediction-market volume topped $50 billion during the World Cup
Trading activity in prediction markets has expanded rapidly. Industry volume was about $30 billion in April 2026 and exceeded $50 billion in a single month during the World Cup, compared with roughly $44 billion for all of 2025. The steady arrival of new platforms and markets is increasing demand for liquidity during the launch phase.
Kostov said retail users drove the first wave of prediction-market activity, while institutional participation could support the next stage of demand. Both groups need stable liquidity across multiple venues and a large number of contracts. The sector remains at an early stage, however, and new platforms have relatively few established technical and operational resources to draw on.
Raven’s founders previously worked at Wintermute
Kostov and Myronovych both previously worked at crypto market maker Wintermute. Myronovych led the firm’s decentralized finance trading division. The pair founded Raven in 2023, and the company entered prediction markets in the second quarter of 2025 after spending several months on research and systems integration. It began scaling the business in the fourth quarter of that year, when its first platform partnerships went live.
Raven currently operates from Milan and Sofia and is hiring for engineering and trading roles, including quantitative traders focused on cryptocurrency and sports prediction markets. Its investors include CMCC Global, Coinbase Ventures, Hack VC and Wintermute Ventures.