diff --git a/lib/liquid/tags/raw.rb b/lib/liquid/tags/raw.rb
index e4a78a8..a374ddd 100644
--- a/lib/liquid/tags/raw.rb
+++ b/lib/liquid/tags/raw.rb
@@ -14,9 +14,9 @@ module Liquid
     def parse(tokens)
       @body = +''
       while (token = tokens.shift)
-        if token =~ FullTokenPossiblyInvalid
+        if token =~ FullTokenPossiblyInvalid && block_delimiter == Regexp.last_match(2)
           @body << Regexp.last_match(1) if Regexp.last_match(1) != ""
-          return if block_delimiter == Regexp.last_match(2)
+          return
         end
         @body << token unless token.empty?
       end
diff --git a/test/integration/tags/raw_tag_test.rb b/test/integration/tags/raw_tag_test.rb
index b927ef0..7ac0b09 100644
--- a/test/integration/tags/raw_tag_test.rb
+++ b/test/integration/tags/raw_tag_test.rb
@@ -23,6 +23,7 @@ class RawTagTest < Minitest::Test
     assert_template_result(' Foobar {% {% {% ', '{% raw %} Foobar {% {% {% {% endraw %}')
     assert_template_result(' test {% raw %} {% endraw %}', '{% raw %} test {% raw %} {% {% endraw %}endraw %}')
     assert_template_result(' Foobar {{ invalid 1', '{% raw %} Foobar {{ invalid {% endraw %}{{ 1 }}')
+    assert_template_result(' Foobar {% foo {% bar %}', '{% raw %} Foobar {% foo {% bar %}{% endraw %}')
   end
 
   def test_invalid_raw