Furtados School of Music looks to raise $2.5 million to expand business
Furtados School of Music CEO Tanuja Gomes says the firm, which first raised funds from angel investors in 2014, has grown over 1,000% since then
Mumbai: Furtados School of Music, a music education firm, is looking to raise up to $2.5 million to expand business, a senior company executive said.
Furtados School of Music, which is backed by the over 150-year-old musical instrument retail chain Furtados, was founded in 2011 by Tanuja Gomes and Dharini Upadhyaya, who previously worked in the banking and financial services sector.
The company ties up with schools and other institutions to provide training in musical instruments.
Its roster of instruments and programmes currently includes piano, electronic keyboard, guitar, drums, violin and vocals.
“The vision is to bring universal access to quality music education. We probably are the only music education providers who have programmes across age groups starting with preschoolers, K12 schools, centres and now at home. We have a unique curriculum which encourages performances and jamming, rather than the traditional bookish method,” said Gomes, who is co-founder and chief executive of Furtados School of Music.
Furtados wants to be a synonym for music education in the country, added Gomes.
“What we are aiming for is that every child or person who wants to learn music should have access to the best learning experience,” Gomes said.
The company, which first raised funds from angel investors in 2014, has grown more than 1,000% since then and is more or less Ebitda (earnings before interest, taxes, depreciation and amortization) positive today, she added.
Furtados is currently testing a mobile application to bring together people interested in learning music and music teachers.
“We are doing a beta version launch of our app—High Furtados. It is a unique proposition that helps you discover a certified, trained, background-verified teacher in your locality, then choose a learning plan that you want. And the last is jam sessions for all students and Music Buddy,” said Gomes.
“Music Buddy is a software with which whatever curriculum you are learning with us, you can practice at home and the software will tell you how well you are playing,” she added.
Furtados has a revenue-sharing arrangement with the teachers and already has around 300 teachers on its app.
On the back of the strong traction that the app has seen and the overall market opportunity, the company is looking to raise funds for future growth.
“We are talking to investors and we already have a few suitors. We are looking to raise $2.5 million in this round,” Gomes said.
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