Reverb.com – the marketplace for musicians to buy and sell musical instruments and gear – has secured another $25 million of funding through equity investor, Summit Partners.
Launched in 2013, Reverb is set to process more than $120 million in transactions in 2015. The company's earlier investors include Lean Startup pioneer Eric Ries, Rick Nielsen of Cheap Trick, and country music star Brad Paisley.
Comprised of a website and two mobile apps (iOS and Android), Reverb allows users to create product listings, browse new and used gear, and compare historical pricing and sales data. It also hosts content including product reviews, demo videos, gear histories, and artist interviews.
The new investment will support the company's international expansion strategy, key branding initiatives and continued technical innovation.
"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, one of the world's largest and best-known 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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