JoyTunes raised $50 million at a $1 billion valuation مليار

JoyTunes, which developed a musical instrument learning app, is raising $50 million led by Google Ventures (GV) and with the participation of new investors Qualcomm Ventures and Hearst Ventures, a source close to the matter told Globes. The funding round, which is set to expire, is valued at $1 billion, making JoyTunes the latest Israeli startup to become a rhinoceros. Prior to this latest funding round, JoyTunes raised $43 million from investors including Qumra Capital, Aleph and Yelp founder Stoppelman. In general, the company raised a relatively small amount of money in relation to its high rating. JoyTunes is exceptional in the Israeli startup scene in that it turns into private users (C2B) rather than businesses and organizations (B2B), which is a model for most Israeli startups. JoyTunes was founded in 2011 by CEO Yuval Kamenka, his brother CTO Yigal Kamenka, and Music Director Roy Izkowski. The company has 100 employees. The company has developed several music software applications for teaching instruments, the two most important being Simply Piano and Simply Guitar. These two apps are designed for amateur users who are taking their first steps in learning to play. The apps are available to people who pay a three-month, six-month, or year-long subscription. A one-year subscription for a US user costs $120. Simply Piano app is the company’s oldest app with Simply Guitar released in February 2020 and only available on Apple Store but this month it became available on Android. Sources have reported to Globes that Simply Guitar’s Annual Recurring Revenue (ARR) has already reached $10 million and the total ARR has reached $100 million. According to a similar web behavior and traffic analytics company (NYSE:SMWB), JoyTunes received 300,000 visits to its website and apps over the past six months, a 10% increase over the corresponding period last year. JoyTunes has consistently seen an uptick in visitors since the end of 2020, with the exception of a slight drop in February. 33% of users are from the US and the rest from the UK, Germany, Israel and Brazil. According to the Apollo sales data platform, JoyTunes has benefited from the Covid-19 crisis with a significant increase in usage after the virus outbreak in the first quarter of 2020. The company’s workforce has grown by 43% over the past two years. Related Articles Israeli music app company JoyTunes raises $25 million from JoyTunes’ main competitors are the Finnish company Yousician and a large number of online courses and YouTube clips. Published by Globes, Israel business news – en.globes.co.il – on June 21, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021