Israeli startup JoyTunes, the developer of a music learning app, has raised a $50 million funding round at a $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 $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 $25 million in the round, according to Calcalist.
JoyTunes had previously raised $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 $100 million, up 150 percent from 2019, according to Calcalist, although the company is not yet profitable. When this happens, JoyTunes will likely seek a Wall Street IPO (initial public offering.)
The company’s apps include Simply Piano and Simply Guitar and it noted 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’ in its App Store, and was voted Best App in Google Play.