Skoove, the piano learning platform, announces €1.2m investment
Skoove (www.skoove.com), the freemium piano-learning platform, is announcing 1.2 million EUR of fresh capital, from IBB-Bet and EGORA Holding. By joining the existing investor, High-Tech Gründerfonds, this new investment signals both venture capital firms’ faith in the ongoing growth of the online learning market, which, according to a KPMG and CB Insights Q4 Venture Pulse study, received over $1 billion of global investment in the fourth quarter of 2015 (up 300% on the previous quarter). Over 61 percent of the population in the US, UK, Australia and Germany would love to learn to play a musical instrument, but only a fraction does. Skoove’s professional online piano training is filling an attractive market gap.
Dr Florian Plenge, Co-Founder & CEO of Skoove, comments: “The injection of significant, fresh capital into Skoove will allow us to scale our operations and become a key proponent of the online learning movement, bringing quality music learning to more instruments, devices, and markets.”
Marco Zeller, Managing Director, IBB-Bet, added: “Online learning is a high-growth sector, in which we have a proven track record, and we are now backing Skoove with the aim of making them a market leader in the rapidly-growing music ed-tech sector.”
Nikolaus Zwick, Partner, EGORA Holding, added: “Skoove is a perfect addition to our network, with the company’s innovative technology providing a cornerstone to the future of online learning.”
To coincide with the funding, Skoove is launching on iOS, available to download for free on iPad from within the Apple App Store from Wednesday 8th March, 2017.
Skoove, based in Berlin, Germany, was co-founded in August 2014 by music technology entrepreneurs, Dr Florian Plenge and Stephan Schulz. Skoove is supported by the Microsoft Ventures Alumni Program globally. Since its launch in 2015, the web-based platform has already provided over 200,000 piano lessons, to beginners and players with existing experience, across 187 countries. Now, with the ability to learn the piano anywhere with the aid of an iPad, Skoove is making the steps to achieving proficiency in piano-playing even easier.
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About IBB-Bet (IBB Beteiligungsgesellschaft)
IBB-Bet (www.ibb-bet.de) provides venture capital to innovative Berlin-based companies and has established itself as a market leader in the field of early stage financing in Germany. The funds are used primarily for the development and market launch of innovative products or services, as well as for business concepts of creative industries.
About EGORA Holding
Since 1999, Munich-based EGORA Holding (www.egoraholding.com) has provided venture capital to innovative technology and market-services companies in Germany and USA.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With EUR 576 million under management in two funds we provide financing for technology-driven companies active in a wide range of fields, including robotics, IoT and energy, Medtech and Biotech, chemicals and software. Investors in this public-private partnership include the German Federal Ministry of Economics and Energy, the KfW Banking Group, and 18 strategic corporate investors.