Music app maker JoyTunes reportedly Israel’s new unicorn with Google investment
JoyTunes, a startup that makes apps that teach people to play music, has become a unicorn, financial site Calcalist said on Monday, after the Tel Aviv-based company raised $ 50 million for a valuation of $ 1 billion from investors led by the US venture capital arm. technology giant Google.
Google Ventures invested $ 25 million of the total amount, Calcalist said, without saying where he got the information from. Qualcomm is also an investor in this latest round, alongside existing investors.
Founded in 2009, JoyTunes is a music education startup that develops music learning apps for those who want to learn to play music.
The company is best known for three of its Simply Piano apps, which help people learn piano step by step, from sight reading to playing with both hands; Piano Maestro, an in-depth teaching aid for studying the piano; and Piano Dust Buster – an introduction to the piano for children without musical experience.
According to its website and the Start-Up Nation Central database, the company adds 1 million music players per week and Piano Maestro has been ranked # 1 educational app in more than 20 countries. Its Simply Piano was chosen as one of the best apps by Apple and Google and is used by 10% of American piano teachers.
Calcalist said that in 2020 the company’s revenue jumped to $ 100 million, up 150% from 2019, but the company is not yet profitable. When that happens, JoyTunes will solicit an initial public offering of shares on Wall Street.
The funds raised will allow the company to develop additional technologies and products for music teachers, students and hobbyists, Calcalist said.
The company had previously raised $ 42 million from investors, including venture capitalists Aleph, Genesis Partners, Founder Collection, Formation 8, and Qumra Capital and Insight Partners, according to the Start-Up Nation Central database, that follows the industry.
The startup was founded by Yuval and Yigal Kaminka and Roey Izkovsky.