Investments, Mobile, News

Smartphone app developer Shazam raises USD 40 million from American Movil

Smartphone app developer Shazam, known for its music discovery app has recently raised USD 40 million from Carlos Slim who owns American Movil, one of the leading telecommunications carrier in the Americas.

Shazam enables people to engage with content and brands in the easiest way possible whether by interacting with television, music or in retail environments. It combines the mobile with traditional broadcast media and advertising to create value added experience for consumers, content providers and brands. Shazam is connecting more than 300 million people from 200 countries and in 33 languages.

The new investment will be used by Shazam to continue its expansion into television and the development of new products.
“We are excited to bring this innovation to America Movil subscribers as we continue to further differentiate our services as the market leader in Latin America,” Said Carlos Slim.

Andrew Fisher, Executive Chairman, Shazam said that partnering with America Movil will help them further accelerate growth throughout the Americas.

Shazam had raised USD 32 million in the last round of funding in 2011 from investors such as Kleiner Perkins, Institutional Venture Partners, Acacia Capital and DN Capital.

Earlier this month, Shazam had launched a new app for iPad which included a new feature, Auto-Tagging, which helps people constantly recognize and engage with any media playing around them, automatically. Last year,  it has also updated the design and increased the speed of its app for iOS and Android.

Since 2011, Shazam’s monthly active users had tripled to over 70 million, with two million new users added each week and its digital goods sales have reached USD 300 million a year through its affiliate partners like iTunes, a figure that is doubling annually.

It is headquartered in London and has offices in Menlo Park, New York, Chicago, Los Angeles, San Diego, Seoul and Sydney. It claims to have a user base of 350 million users around the globe in its press release.

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