Reverb.com, the online marketplace for buying, selling, and learning about music gear, announced today that it has secured $15 million in funding amidst a fifth consecutive year of explosive growth. The company’s Series B2 funding round — which brings Reverb’s total funding amount to $47 million — will contribute to further establishing the online marketplace as 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 Max Levchin, co-founder of PayPal and current co-founder and CEO of digital lending startup Affirm; Jon Oringer, CEO of Shutterstock; Adam Bain, former COO at Twitter; Roger McNamee, founding partner of Elevation Partners; and Fabrice Grinda, co-founder of global marketplace investment firm, FJ Labs. 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 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. Slated to launch later this year, Reverb LP will provide record stores, collectors, fans, and more with a more affordable and easy-to-use record marketplace, backed by the world’s most popular music gear website. 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 will go live tomorrow, August 16.
For more information on Reverb.com, visit www.Reverb.com