CHICAGO, IL (Hypebot) – New and used musical instruments and other music gear is a $23 billion global business. Reverb.com has positioned itself to be the sector's eBay acting as the marketplace for about $120 million in used gear this year.
Reverb, an online marketplace for musical instruments and gear, today announced the completion of a $25 million Series B funding round led Summit Partners.
Launched in 2013, Reverb is on pace 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. The new investment will support international expansion and branding.
“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."
Kalt is also the owner of the Chicago Music Exchange, one of the world’s largest 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.