Reverb.com Raises $25 Million
...to process more than $120 million in transactions in 2015. The new investment will support the company’s international expansion strategy, key branding initiatives, and continued technical innovation. The company’s earlier investors include Lean Startup pioneer Eric Ries, Rick Nielsen of Cheap Trick, and country music superstar Brad Paisley.
The Reverb.com consumer marketplace is fully dedicated to the needs of musicians. Comprising a robust website and two mobile apps (iOS and Android), Reverb gives users the power to easily create product listings, browse new and used gear, and compare an unrivaled set of historical pricing and sales data. Reverb also serves as a platform for education and musical exploration, hosting a wealth of content that includes product reviews, demo videos, gear histories, and artist interviews.
“The market for new and used musical instruments is enormous—over $23 billion globally,” said founder and CEO David Kalt. “Reverb brings new life to old musical instruments by putting them side by side with new gear while giving musicians a convenient experience with price transparency and engaging content that stokes their passion for music. With Summit’s support, we are focused on further establishing our position as the innovative leader in the market.”
Kalt is also the owner of the Chicago Music Exchange, a leading vintage guitar dealers. He founded Reverb in late 2012 in response to his frustrations with buying and selling used gear online, and he launched the Reverb marketplace in 2013.
“At Summit, we look for experienced founders and companies with strong fundamentals making a profound impact on their markets,” said Summit Partners Principal Andrew Collins, who will join the company’s Board of Directors. “Reverb checks all of those boxes. We believe that its value to musicians, dealers, and collectors is clear and proven; its customers are raving fans; and, as the sole institutional investor in David’s prior company, optionsXpress, we could not be more confident in Reverb’s leadership. We are thrilled to be their partner for this next phase of growth.”
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