Image: Fretello
The liabilities amount to more than one million euros, the assets around 778,700 euros. The creditor protection association KSV1870 announced this on Tuesday evening. Since its founding, Fretello has convinced investors and business angels alike, and the Linz developers around Florian Lettner and Wolfgang Damm were able to land collaborations with Sony, Apple and the music giants Yamaha and Thomann.
It was only in April 2022 that the company secured around three million euros in fresh capital from several investors, including the Tractive co-founders and the OÖ HightechFonds.
Fretello became famous with an app that uses artificial intelligence to help musicians learn to play the guitar. Since its founding, around 800,000 guitarists have registered, 50,000 of whom are active every month, Lettner told the OÖN around a year and a half ago. More than half of all users come from the USA and Great Britain.
But the expansion plans were unsuccessful. Stricter data protection controls by Apple made advertising more difficult and a profitable sale of the app failed, according to the bankruptcy filing. Fretello is to be closed and a restart is not planned.
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