ReverbNation Secures $3 Million in Series B Expansion Funding

NEW YORK & RALEIGH, N.C.--(BUSINESS WIRE)--ReverbNation, the leading marketing and promotion technology platform for musicians, labels, managers and venues, has secured $3 million in Series B funding. The round was led by new investor ETF Venture Funds and included follow-on investments from Novak Biddle Venture Partners and Southern Capitol Ventures (SCV).

“ReverbNation’s Artist Influencer Network, comprised of millions of loyal fans, represents a focused evolution of permission-based marketing that works.”

“ReverbNation’s comprehensive marketing platform makes it simple for musicians to communicate with fans wherever they are on the Internet,” said Tony Bifano, partner, ETF Venture Funds. “Over 250,000 artists have already selected ReverbNation as their marketing partner to promote their music and generate royalty revenues through brand endorsements.”

ReverbNation acts as the ‘home base’ for Artists that want to tap into the power of multiple social networks at once, including MySpace, Facebook, Bebo and Hi5. Artists can deploy powerful tools and interactive functionality to these networks, their homepage, or their blog - stimulating the viral spread of their music and tracking where it goes across the entire Web.

ReverbNation can also help Artists capture the value of their reach and influence by connecting them with consumer brand partners that want to engage their fan base.

“We have observed that Indie Artists are actually more influential, pound for pound, than their established counterparts. They know their fans personally, and have stronger relationships with them,” said Mike Doernberg, ReverbNation co-founder and chief executive officer. ”Alone, these individual Artists cannot deliver the reach that Brands need, but bundled together they can. We configure entire ‘portfolios’ of participating Artists based on the fan demographics the brand is targeting, and allow the Artists to opt-in to the program. These types of paid partnerships have traditionally eluded Indie Artists.”

“It is increasingly difficult to connect with consumers in a meaningful way via mainstream media,” said Jason Caplain, general partner, Southern Capitol Ventures. “ReverbNation’s Artist Influencer Network, comprised of millions of loyal fans, represents a focused evolution of permission-based marketing that works.”

For more information about ReverbNation.com, go to: http://www.reverbnation.com.

About the company

ReverbNation provides the innovative marketing solutions that musicians need to compete, cooperate, and differentiate in an increasingly distributed online environment. Unlike typical “closed” communities, Artists use ReverbNation as their home base for approaching marketing and promotion across the Internet as a whole - be it via social networks, blogs, email, IM, or the Artist’s homepage.

Powerful marketing tools like TunePaks, FanReach, TuneWidget, and Street Team Manager give the Artist the ability to spread their music and information virtually anywhere. Users can see real-time stats and a 360-degree view of how fast music is spreading, who is listening, and which fans are actually passing it on to their friends and posting it on their pages. ReverbNation empowers over 250,000 Artists to take the music to the people, no matter where they spend their time online. For more information, please visit www.ReverbNation.com.

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