Today, Reverb.com is singing a pretty tune.
We’d like to think it was because we named the online marketplace for instruments and musical gear as one of the top companies in Chicago hiring in December, but in reality, it’s because they’ve just raised a whopping $25 million round, according to Crain’s.
“The market for new and used musical instruments is enormous – over $23 billion globally,” said founder and CEO David Kalt in a statement. “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.”
Reverb's round already beats out any other received by a tech company throughout the whole month of November. Summit Partners — a venture fund based out of Menlo Park, California — led the round.
Earlier this year, the company also released an ancillary platform to their music equipment and gear exchange called Reverb Lessons. With Reverb Lessons, musicians across the world — from guitar novices and to master pianists — have access to marketplace to shop for virtual music lesson packages.
According to Crain’s, more than 200,000 buyers have already leaned upon the website to buy new music-related goods, and 72,000 users have already uploaded their stuff for sale.
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