Israeli Music Learning Startup JoyTunes Raises $10M
June 25, 2018 | Tel Aviv-based music learning startup JoyTunes announced the completion of a $10 million fundraising round, which included investments from American VC and private equity firm Insight Venture Partners, the Israel-based venture capital fund Aleph, and Israeli investment fund Genesis Partners. The company has raised $17 million to date. “We are not looking for an exit,” JoyTunes CEO and co-founder Yuval Kaminka said in a statement, “We intend to expand into new markets and perhaps new areas of activity and grow into the Netflix of the world of music and quality of life.”
The company has grown rapidly in the past year, reporting a 500 percent growth in revenue, estimated at more than $10 million. According to Kaminka, JoyTunes has received a number of purchase proposals, which he has rejected thus far. “We are building ourselves as a service for the whole family,” he says, “As a business vision we will be like Netflix — a subscription service in every home.”
Founded in 2010, JoyTunes is a music education startup that develops music learning solutions and apps for those that want to learn how to play music. It is currently known for three apps: Simply Piano, a mobile app released in 2015 that helps people with little to no experience learn how to play the piano; Piano Maestro, an iPad app for piano practice motivation released in 2013 that includes piano methods and ways to build up music sheet-reading skills; and Piano Dust Buster, a gamified introduction to piano released in 2012.