REVERB.COM Announces $2.3 Million Series A Round with High-Profile Musicians and Startup Veterans
CHICAGO, IL (PRWEB) November 19, 2013 -- Reverb.com, the online marketplace for the $7 billion new & used musical instruments and gear market, today announced the completion of a $2.3 million Series A funding round featuring a diverse group of startup veterans and musicians.
Investors include best-selling author and lean startup pioneer Eric Ries, Rick Nielsen of Cheap Trick, David Lowery of Cracker and Camper van Beethoven, and Eric Lefkofsky and Brad Keywell, via Lightbank. David Kalt, Reverb.com’s founder and CEO, also participated.
“Reverb.com is changing how musicians value, buy, sell and trade musical instruments and gear,” said Kalt. “The Reverb.com website and mobile app have become instant hits with musicians and dealers alike, with a comprehensive Reverb Price Guide, beautiful user experience, musician-curated content, fast and free listing tools, and fees that are one-third those of eBay.”
Kalt is the owner of the Chicago Music Exchange, one of the world’s largest and best-known vintage guitar dealers. He founded Reverb.com in late 2012 in response to his frustrations with eBay. That year, the Chicago Music Exchange bought and sold approximately $500,000 of guitars and gear on eBay, paying 10% or more per sale.
“Reverb.com’s low fees and musician-focused platform have already attracted more than 4000 dealers, ranging from individuals who are building businesses around their love of instruments and gear, to some of the largest, best known dealers in the country, such as Dave’s Guitars,” added Kalt.
Reverb.com gives sellers a powerful and specialized new venue to sell music gear, with a 3.5 percent transaction fee and powerful tools to maximize exposure. For buyers, it offers an intuitive and educational user experience that is rich with pricing data, multimedia and the ability to make an offer on more than 90 percent of listings.
About Reverb.com
Reverb.com is an online marketplace for the $7 billion used, vintage and handmade music instrument and gear market.
Josh Inglis, Reverb.com, http://www.reverb.com, +1 (312) 504-7677, [email protected]
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