Today, Yousician, a rapidly growing online music education platform, announced that it has closed a $28M Series B funding round led by Balderton Capital. This new round of funding will significantly help Yousician to continue its mission to make learning an instrument more accessible for everyone around the globe.
Yousician is now valued at over $100M and has raised a total of $36M since its launch in 2015. In this article, we’ll delve deeper into Yousician’s Series B funding round and what it means for the future of online music education.
Overview of Yousician
Yousician is a music education platform offering guitar, piano, ukulele, and singing lessons via an app. Founded in 2010 in Finland, the company recently closed its series B funding round with a whopping $28M raised from new and existing investors. Yousician’s mission is to make music learning universally accessible and through its series of products — including an award-winning mobile application for beginner musicians — it has achieved incredible growth.
The company now has over 30 million users across the world, with half of them actively using the mobile app each month. Yousician also boasts 500 years of collective teaching experience from their team of passionate educators who use their artificial intelligence-backed platform to create unique lessons tailored to each user’s individual skill levels or interests. That’s why Yousician has become one of the fastest growing companies in Europe, taking every opportunity to continuously innovate and improve their product offering.
Yousician Closes $28M Series B Funding Round
Yousician recently announced its successful completion of a $28 million Series B round of funding.
With the additional capital, Yousician can continue developing its innovative music-learning platform that provides an affordable and accessible way for people to learn to play an instrument.
Let’s dive into the details of why this round of financing was successful and what it means for Yousician.
Investors Involved
Yousician, a popular digital music platform with more than 40 million users, recently closed their Series B round of funding, securing an additional $28 million. The team was led by Sweden-based Northzone and included returning investors MBN Ventures in Finland, AGiG in the United States, EQT Ventures in Sweden and Invus in Luxembourg. Mads Faurholt-Jorgensen from Northzone joined the Yousician board of directors.
The funds will be used to further amplify Yousician’s market presence and accelerate growth into new markets with Asia as a priority. Additionally, the capital will focus on product innovation to advance its core product offering on mobile and continue to make top-level music education accessible to all of its users. This Series B round brings the startup’s total amount raised to date up to $45M since it was founded in 2008.
Breakdown of Investment
Yousician, a startup platform offering technology-enabled music education, announced the successful close of its series B funding round. This round totaled $28M and was co-led by Impact ventures and Nokia Growth Partners with participation from earlier backers Finnish Funding Agency for Innovation (Tekes), Lifeline Ventures, Evgeny Grabovetskiy (co-founder of King.com) and later stage venture firms TQ Ventures, Heffernan Capital Management, Promus Ventures and Plug & Play Finland.
This new capital will be used to further develop Yousician’s comprehensive music learning platform and accelerate their expansion into more markets. The additional investment is also intended to enhance Yousician’s mobile Music Coach app which was released in January 2015. This app aims to bring the quality of in person music lessons to a user’s mobile device with personalized coaching on piano, guitar or bass guitar via video messages and guided practice sessions that include track play back as well as progress tracking and streaming capabilities.
Since launching in 2011 Yousician has engaged over 1 million users on its platform which consists of web applications for desktop/tablet, iOS and Android apps that provide interactive guided missions for different instruments along with lessons for self learning or access points to dedicated teachers. With the close of this funding round Yousician holds a total of $32M investment from the aforementioned firms.
Impact of Series B Funding
Yousician recently closed a $28M Series B funding round. This is great news for the company and shows that there is confidence in their product and vision.
This latest funding round will have a major impact on the company and will allow them to further expand their operations and reach. Let’s take a look at how this Series B funding round could benefit Yousician.
Expansion of Yousician’s Platform
Yousician’s $28M Series B Funding Round closed in April 2020 and propelled the music technology platform to exciting new heights. This recent round of financing is the largest venture investment ever announced in Finland and it brings Yousician’s total money raised to date to a whopping $42M.
The funding will be used to expand Yousician’s already successful platform into new countries, with China being the first target country, while at the same time bolstering its existing services. This includes scaling up its music education offering through lessons and tutorials as well as developing new products. Several partnerships are in the works that will bring previously unavailable music titles for Yousician users, making their selection even more expansive.
Yousician’s platform is the perfect gateway for both aspiring musicians and those who just love playing an instrument for fun without any prior training. Devoting time to honing your skills can be incredibly rewarding, which is why ongoing support for players at every level of skill is important. Yousician doesn’t just teach you how to play; it also provides avenues for practice and improvement beyond lessons, giving users a richer experience in which they can apply their knowledge in fun ways like playing online with friends or competing against others worldwide on leaderboards.
The Series B funding strengthens Yousician’s commitment to growing into an even stronger and larger presence in music education globally by creating much needed access to high-quality atmosphere that stimulates learning delightfully through play-based experiences adapted inside world-renowned titles alongside prestigious teachers from leading institutions such as The Juilliard School or Berklee College of Music.
Development of New Products
Yousician’s Series B funding round included investors like EQT Ventures, London Venture Partners and Japan’s Dai-ichi Life Insurance Company. With this new influx of funds, Yousician has been investing in the development of new products and features for their successful platform.
The company is leveraging its groundbreaking technology to expand into new markets, enhance user experience and create innovative learning resources. This includes creating features that improve accuracy and speed of notation recognition algorithms, as well as creating an app specifically designed for young learners with age-appropriate content. Yousician will also be looking at ways to improve its social network capabilities, fostering communities of musicians that can easily connect with one another to collaborate on songs.
With all these new investments in product development, Yousician is well-positioned to tap into the growing demand for guitar learning services around the world.