Online marketplace for guitars, The North American Guitar, has launched a campaign on equity crowdfunding platform Crowdcube. The website is seeking 350,000 for growth and expansion.
Founded in 2011, The North American Guitar notably provides a convenient and inform way to purchase both high-end guitars and accessories. The website links some of the best guitar makers with customers from all over the world. the marketplace revealed:
“The business was set up in 2011 by father and son Robert and Ben Montague, both keen guitarists. The aim was to redefine the guitar buying experience both online and in-store. First steps were to build [The North American Guitar’s] brand and solidify relationships with luthiers. From 2014 [The North American Guitar’s] sales and online presence took off so by 2016 revenues are in the region of £600,000.”
The website also shared that it aims to provide the best product at any price point, leaving aside the low margin mass market. The products’ prices range from £500 – 30,000+. It also explained:
“We aim to set up [The North American Guitar] Distribution to exploit the entry level segment (entry level tier £500-£2500). We have secured UK and European distribution for Avian Guitars and are currently in talks regarding US distribution. Avian Guitars combine Chinese production with the design flair of world renowned luthier Michael Bashkin.”
Funds from the campaign will be used for the following:
- Hire new sales staff to support the expansion through dealers
- Strengthen and further develop its web platform to allow both online configuration and multi-language versions
- Invest in stock of ready to play instruments and greater booking of luthiers’ production slots
- Widen the range of accessories
Since its launch, the campaign has already raised nearly £60,000 from more than 45 investors. It is set to close in January.
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