Israeli music education startup JoyTunes today announced the completion of a $25 million financing round led by Israeli growth fund Qumra Capital. Qumra was joined by existing investors Insight Venture Partners, which led the previous round in the company. Among the company's investors are Aleph, Jeremy Stoppelman - CEO and founder of Yelp, Kaedan Capital, Founder Collective, Zohar Gilon, and others.
Following this latest investment, JoyTunes has raised $43 million. Sivan Shamri Dahan will be joining the company’s board of directors. The current funding will be used to fuel expansion by enabling the development of new products and technology, in the field of musical education. JoyTunes CEO Yuval Kaminka said, "Since our last financing round, we have reached very significant achievements in technology, product and marketing. We are on the fast track to fulfill our vision - to become the music education center of every household worldwide. Over the past year, we have doubled our growth rate and proved that a small and super talented team based in Israel can develop a product that reflects a real market need and deliver it to hundreds of thousands of paying subscribers. We will continue to progress and grow out of Israel, where we are recruiting the best talent in technology, product, music and creative whereby formulating the next generation of global musicians. "
JoyTunes was founded in 2011 by Kaminka, Yigal Kaminka (Music Director) and Roey Izkovsky (CTO and Growth). The company currently employs 50 people, all in Israel, with headquarters in Sarona, Tel Aviv.
With over a million monthly downloads and hundreds of thousands of paid subscribers, JoyTunes has changed the way children and adults around the world learn to play music. No longer expensive, limited time or place, but an interactive app that teaches users to play intuitively, available around the clock.
Qumra Capital partner Sivan Shamri Dahan said, "JoyTunes is an exceptional company, one of the leading B2C fastest growing startups in Israel that with advanced technology and great online capabilities disrupts a huge traditional market revolutionizing the way people learn to play. In the modern world, where people acquire new skills enriching their lives by self-learning new content such as a second language, sports and meditation, JoyTunes is the leader in the music field. The company is demonstrating phenomenal growth and we are very proud to have JoyTunes join our portfolio. JoyTunes combines a great business model, a clear vision, with an inspiring product making a positive impact on the world. We are very excited to support the company's expansion as a global leader in its field."
The company's main app Simply Piano received an award for excellence from Google and Apple.
The company’s app uses MusicSense, an artificial intelligence-based software engine that identifies which notes are played by the user and provides personalized feedback and instructions all in real-time. The company also launched the Piano Maestro app offering a solution for music teachers that is currently serving more than 10% of the music teachers in the US. The company is planning to launch a new product line for teaching additional instruments.
Published by Globes, Israel business news - en.globes.co.il - on August 27, 2019
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