Reservoir Secures $14 Million in Series A Funding

Reservoir, a crypto infrastructure startup facilitating token trading across blockchains for apps, has raised $14 million in a Series A funding round.

Union Square Ventures led this funding round, joined by Coinbase Ventures, Variant, Archetype, 1kx, and others. As part of the investment, Nick Grossman from Union Square Ventures has joined Reservoir’s board, as reported by Peter Watts, Reservoir’s co-founder and CEO.

The fundraising process began in mid-2024 and concluded earlier this month. Watts mentioned that the round was structured as equity with token warrants, although he opted not to reveal the post-money valuation.

With this Series A funding, Reservoir’s total capital raised now stands at $26 million. Previously, they had secured $10 million in a seed round led by Archetype in late 2022 and $2 million in a pre-seed round led by Variant in 2021.

What is Reservoir?

Founded in 2021, Reservoir initially focused on providing infrastructure to integrate non-fungible token (NFT) trading within apps, catering to well-known clients such as Coinbase, OpenSea, Magic Eden, MetaMask, and Zora. With the latest funding, they are expanding their services beyond NFTs to encompass all blockchain token trading.

> “We’re moving towards a world with millions of tokens issued across thousands of chains,” Watts stated. “Reservoir’s mission is to enable seamless movement between these assets, unlocking new use cases across finance and culture.”

Reservoir’s product suite consists of:
– Relay: A bridging and swap platform for various networks including Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains, and rollup networks.
– Reservoir Swap: A decentralized exchange and token API.
– Reservoir NFT: An NFT marketplace and API.

Watts compared Reservoir’s offerings to developer platforms like Alchemy and Thirdweb, as well as aggregators such as 1inch and 0x, and bridges like Across and Stargate. However, he emphasized that Reservoir’s integration of applications, infrastructure, and protocols sets it apart from conventional developer infrastructure platforms. He noted that it is specifically designed for handling tokens and trading, while also supporting thousands of chains instead of just a few major networks.

Currently, Reservoir employs 25 people primarily in the U.S. With the new funding, plans are in place to increase the workforce to 40 by the end of the year, focusing on hiring in product, engineering, design, and go-to-market roles.

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