Roughly $15 billion in new musical instruments get sold every year and around $7 billion is spent on used gear globally. And that is the genesis of Reverb.Īccording to Kalt, the market for musical instruments is massive and fragmented. With that sentimental reason, there need to be a place where people can talk about this, and actually can find what they need there. All musicians, have one thing in common, they are all searching for that sound, that tone that is going to give their voice a special sound. Whether it on eBay, Craglist or even building your own website, Kalt says there was some opportunity to build something in a community where people really obsessed over gear, whether it is guitars, drum kits, keyboard or anything. He began dabbling in trading vintage and used equipment on eBay and found the experience less than fulfilling. The company went public in 2005, and with some money from the sold shares, Kalt decided to treat himself with his dream vintage guitar. In 2000, two partners and Kalt launched OptionsXpress, an online trading platform. After college, the founder wen to Chicago, where he got a job in a recording studio, which event surprisingly introduced him to computer software. Kalt pick up and fell in love with the instrument since high school. In the middle of chaos, David Kalt remembers why he wanted to buy a guitar shop. Reverb’s Story: Always Remember Your Mission – Why You Started It? By the end of 2019, the company was acquired by Etsy for $275 million in cash. In 2017, Reverb launched Reverb LP, another platform for musicians to browse, sell and buy records.Įmployed about 170 staffs. The company raised $47 million in venture capital from investors such as Paypal founder Max Levchin. Founded in 2013, Reverb has built an online marketplace where shoppers can buy and sell new, used and vintage music gear.
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