JoyTunes, the musical education start-up, just raised $50 million in a funding round that saw it valued at $1 billion.
The round was led by GV, with participation by Qualcomm.
The Israeli start-up previously raised $43 million in three funding rounds. Its revenues rose to $100 million in 2020 but it has yet to be profitable.
JoyTunes is the creator of apps including Simply Piano and Simply Guitar that help beginners to learn playing the instruments. It uses artificial intelligence to teach users how to play.
Since the start of the pandemic, it has had 10 million downloads globally and 1 million songs played once weekly.
The Facebook group of Simply Piano which lets users upload and share videos of their progress now has some 150,000 members.
Much of the 150% jump in revenues last year has been attributed to the pandemic and long lockdowns leading to more app users engaging in fun app activities.
Downloads jumped across countries where lockdowns were being implemented following pandemic outbreaks.
However, JoyTunes is clearly benefitting from the momentum of lockdowns and related app download spikes.