Investment Firm Union Square Ventures Heads $14 Million Series A Funding for Crypto Trading Infrastructure Company Reservoir
Reservoir Raises $14 Million in Series A Funding
Token trading infrastructure platform Reservoir has announced a successful Series A round, raising $14 million. The funding round was led by Union Square Ventures, with participation from Coinbase Ventures, Variant, Archetype, 1kx, and others.
Founded in 2021, Reservoir started as an NFT trading infrastructure platform. Since then, the company has expanded its services and is now looking to extend its reach beyond NFTs. With the fresh capital, Reservoir plans to expand its token trading service to support trading on apps across multiple blockchains.
Reservoir's mission is to enable seamless movement between various assets issued across millions of tokens across thousands of chains. The company's bridging and swaps platform, Relay, has already been integrated with Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains, and rollup networks, providing multi-chain support.
In addition to expanding its services, Reservoir also offers Reservoir Swap, a decentralized exchange and token API, and Reservoir NFT, which acts as its NFT marketplace and API. The company partners with industry leaders such as Coinbase, OpenSea, Magic Eden, MetaMask, and Zora.
With the Series A funding, Reservoir aims to unlock powerful new use cases across finance and culture. Union Square Ventures partner Nick Grossman joined the Reservoir board as part of the deal, further strengthening the company's position in the NFT and blockchain market.
While the exact expansion plans beyond NFT trading are not yet publicly disclosed, it is common for companies raising a Series A in the NFT/blockchain space to use the funds to develop new digital assets, enhance marketplace features, add social or community tools, enter new geographic markets, or integrate with DeFi or gaming ecosystems.
The $14 million Series A brings the total raised by Reservoir to $26 million, including a $10 million seed round and a $2 million pre-seed round announced in 2022 and 2021, respectively. As Reservoir continues to grow and innovate, it is poised to play a significant role in the evolving NFT and blockchain landscape.
The Series A funding of $14 million for Reservoir, a technology-driven company specializing in NFT trading, promises to fuel the expansion of its services beyond NFTs, primarily into the field of finance. With the infusion of fresh capital, Reservoir aims to broaden its token trading service, supporting trading on multiple blockchain apps, thus opening up new opportunities for investing.
