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Reverb.com secures $15m in funding to expand online MI marketplace

Laura  Barnes
Reverb.com secures $15m in funding to expand online MI marketplace

Reverb.com has secured $15 million in funding amidst a fifth consecutive year of growth.

The new funding will contribute to further establishing the online marketplace, which specialises in buying, selling, and learning about music gear.

The company says its aim as to become “the global destination for musicians and music lovers to buy and sell music gear”.

Existing investors Summit Partners, Cheap Trick’s Rick Nielsen, and more, are joined by new investors, including co-founder of PayPal and current co-founder and CEO of digital lending startup Affirm Max Levchin, CEO of Shutterstock Jon Oringer, former COO at Twitter Adam Bain, founding partner of Elevation Partners Roger McNamee, and co-founder of global marketplace investment firm FJ Labs Fabrice Grinda.
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Several music instrument industry leaders — including Cathy Duncan of Seymour Duncan, Jon Haber of Alto Music, Tony Agnello of Eventide, and Dave Fruehling of Strymon — also participated.

“We’re not just helping people buy and sell music gear, we’re helping mom-and-pop shops keep the doors open, empowering working musicians to gain extra income and affordable gear, and even putting artists’ gear into the hands of their fans,” said Reverb Co-Founder and CEO David Kalt.

“Our momentum is undeniable — particularly as we continue to expand globally — and we’re overwhelmed by the excitement we’ve received from new and existing investors who want to support and be part of what’s next.”

Since launching in 2013, Reverb.com has grown into what it claims is “the most popular music gear website in the world”, with sales expected to reach $429 million this year and more than 10 million musicians and music lovers visiting the site monthly.

Last year, Reverb increased international users by 700%, grew international sales by 150%, and hired on-the-ground team members in the UK, Australia, France, Germany, Japan, and more. According to Kalt, the company will use the additional funds to support continued international expansion, including additional personnel, tools, and technology.

“As a regular user of Reverb.com, I am witnessing first-hand the positive impact that the company is having on musicians and the way instruments are bought and sold,” said Shutterstock’s Jon Oringer. “I’m excited to support not only a successful marketplace - as that business model has proven itself powerful - but a company that’s uplifting an entire industry.”

This announcement comes on the heels of Reverb’s introduction of Reverb LP, a new marketplace for buying and selling vinyl records and other physical music formats online.

Reverb also recently announced that it will sell iconic guitars, amps, and more used in the studio and on tour by Billy Corgan. The Official Billy Corgan Reverb Shop has gone live today (August 16th). 

For more information visit https://reverb.com/

Tags: reverb , funding , online marketplace , reverb.com

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