The Israeli startup for music education JoyTunes has raised $25 million round led by Israeli growth fund Qumra Capital. Qumra was joined by existing investors Insight Venture Partners, an investor of Twitter and WIX, 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 additional investors.
Founded in 2011 by CEO Yuval Kaminka, Music Director Yigal Kaminka, and CTO and growth Roey Izkovsky, JoyTunes has raised to $43 million to date. The company currently employs 50 people, all in Israel, with headquarters in Sarona, Tel Aviv.
The company’s application 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.
Yuval Kaminka, JoyTunes’ CEO said today: “Since our last financing round, we have reached very significant achievements in technology, product and marketing. We are on the fast track to fulfilling our vision – to become the music education center of every household worldwide.
Kaminka added that the company has doubled its growth rate over the past year, and proved that “a small and super talented team based in Israel can develop a product that reflects a real market need. 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. “
How to learn an instrument today
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.
Sivan Shamri Dahan, partner at Qumra Capital growth fund, explained the VC decision to lead the round: “JoyTunes is an exceptional company, one of the leading B2C fastest-growing startups in Israel.
“JoyTunes is the leader in the music field. 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.”
Shortly after launching its main app, Simply Piano, that was awarded excellence by Google and Apple, the company was marked a global pioneer in music education, gaining many users in the US, UK and more recently in China.