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January 21, 2015

Shazam worth $1bn after $30m funding round

Funding will be used to develop its technology and expand its music service into new markets.

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Shazam is looking to develop its technology and expand into new market sectors after announcing $20m in funding.

The funding values the London-based company at $1bn and will be used to expand the music service into new markets and develop its technology.

Shazam, founded in 2002, provides a music recognition app, which now counts more than 100 million monthly users across the globe.

Shazam’s chairman Andrew Fisher said: "This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them."

"We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy."

The latest round of investors was not disclosed but previous investors have included American Movil’s Carlos Slim, Kleiner Perkins Caufield & Byers and Institutional Venture Partners.

Shazam’s CEO added: "We’re excited to continue to focus on user growth and engagement, building on our strength in music and innovating to increase the universe of what is Shazamable in order to realize the enormous potential of Shazam."

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