Israeli startup JoyTunes, the developer of a music learning app, has raised USD 50 million in its latest funding round at a USD 1 billion valuation, Israeli financial daily Calcalist reported on Monday. This makes the company Israel’s newest unicorn—a privately-held startup valued at over USD 1 billion.
The round was led by GV (formerly Google Ventures), with participation from Qualcomm as well as the company’s existing investors. GV invested USD 25 million in the round, according to Calcalist.
JoyTunes had previously raised USD 43 million in three funding rounds.
Founded in 2009 by Yuval and Yigal Kaminka and Roey Izkovsky, the Tel Aviv-based company has developed music learning software that teaches users how to play musical instruments. Users can learn how to play through mobile apps featuring interactive listening, gaming features, and other music learning methodologies. Simply Piano, the company’s most recognized app, shows users which piano keys to press to play a song. Apps from JoyTunes are known for being interactive and teaching users to play intuitively.
The company’s 2020 revenue jumped to USD 100 million, up 150% from 2019, according to Calcalist, although the company is not yet profitable. When this happens, JoyTunes will likely seek a Wall Street IPO.
The company’s apps include Simply Piano and Simply Guitar, with 10 million downloads worldwide and 1 million songs played every week since the start of the pandemic. Simply Piano is listed as one of Apple’s “Editor’s Choice” apps in its App Store and was voted Best App in the Google Play Store.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.
