Shazam, a music recognition service, is expected to go for an IPO soon. As, it has grown its monthly users by 34 percent with more than half-a-billion downloads, putting it in among the top 20 consumer internet companies and surpassing 100 million monthly active users, reports Forbes.
A year back, New-York-based service had raised USD 40 million led by billionaire Carlos Slim’s America Movil, in exchange for an estimated 10% stake. This year, it received USD 23 million: USD 3 million in May and USD 20 million in March.
Till date, it had secured a total capital close to USD 100 million. The firm is backed by five investors such as America Movil, IVP, DN Capital, Kleiner Perkins and Sony Music Entertainment. Launched in 2002, as a venture of Dhiraj Mukherjee, Chris Barton, Philip Inghelbrecht, Avery Wang, also unveiled Auto Shazam upgrade, enables users to collect all songs and organized them in playlists by date.
Shazam has an employee base of 250 and claims to connect around 400 million people in over 200 countries and 30 languages to their favorite music, TC shows and brands.
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