With debts of 1 million euros, a promising startup from Linz is now sliding into bankruptcy: the guitar learning app Fretello. The app was already very successful, and now the company is shutting down.
The Fretello guitar learning software convinced investors and entrepreneurs alike, and Linz’s developers were able to achieve collaborations with Sony and Apple, as well as music greats Yamaha and Thomann. Three million euros of investment were generated. The Fretello is included with every Yamaha guitar sold. The app uses artificial intelligence to help you learn guitar by recognizing playing speed, playing technique, and providing feedback.
800,000 users have Fretello subscriptions
During the pandemic, 800,000 users already had a Fretello subscription. But in the end that wasn’t enough either, as Facebook’s stricter rules made advertising more difficult and the app failed to sell lucratively, according to the bankruptcy filing. Sales revenues have collapsed. Fretello will be closed and a restart is not planned.
Swimming pool maker Goldman also went bankrupt
Another bankruptcy is likely to be attributed to inflation and strict credit guidelines: swimming pool builder Goldman of Engerwitzdorf has become insolvent again. A sharp rise in energy costs, high interest rates and falling demand in the health sector could have led to this. Debts of approximately three million euros are offset by assets of approximately two million euros. Goldman plans to continue operating with fewer employees and a cost-cutting program.
Lifelong foodaholic. Professional twitter expert. Organizer. Award-winning internet geek. Coffee advocate.