JoyTunes Joins Unicorn Club with $ 50 Million Funding Led by Google Investment Arm

Music education startup JoyTunes has finalized a $ 50 million funding round for a $ 1 billion valuation led by GV (formerly Google Ventures) and with participation from Qualcomm, Calcalist has learned. GV invested $ 25 million in the round, which also included the company’s existing investors. JoyTunes had already raised $ 43 million in three funding rounds.

The Israeli startup’s previous round was at the end of 2019 for $ 25 million led by Tel Aviv-based venture capitalist Qumra Capital with participation from the existing New York-based venture capitalist and the New York-based venture capitalist. private equity Insight Partners.

Calcalist also learned that JoyTunes revenue in 2020 reached around $ 100 million, although the company is still seen as unprofitable. Once that happens, JoyTunes should target a Wall Street IPO at a much higher valuation.

The JoyTunes team. Photo: Avigail Uzi

The 150% increase in income from 2019 is largely attributed to the Covid-19 pandemic and the long lockdowns that have left many teens and adults looking for activities online. Downloads increased in countries as soon as they entered the lockdown, and while much of the world is starting to return to normal, the pandemic has changed consumer habits for good, helping apps like JoyTunes continue on this path. launched.

The company’s apps, Simply Piano and Simply Guitar, help novices learn to play an instrument using AI and algorithms. They have had 10 million downloads worldwide and 1 million songs played every week since the start of the pandemic. Simply Piano is used by hundreds and thousands of students around the world, listed as one of Apple’s “Editor’s Picks” in its App Store and voted Best App on Google Play. Its Facebook group, where users can upload and share videos of their progress, has a community of over 150,000 users with videos accumulating thousands of views and reactions.

JoyTunes was recently ranked as Calcalist’s fourth most promising startup for 2021. The company currently employs 100 people, all in Israel.

JoyTunes was founded in 2011 by Yigal Kaminka, Roey Izkovsky and Yuval Kaminka, respectively CTO and CEO of the company. Its technology uses sound recognition technology and AI to develop educational applications for music lovers around the world. Its piano teacher app, Piano Maestro, is used by 10% of US piano teachers.

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