MUMBAI: Audio recognition app Shazam received funding of $30 million even though the company is valued at over $1 billion. The company has not disclosed the name of the investor/s. The fresh funding boost will help Shazam grow rapidly.
The company was able to raise $32 million funds in September 2012, followed by another round of funding in 2013 by Mexican investor Carlos Slim who pumped in $40 million in Shazam for an undisclosed share. Last year in March, the company received another $20 million. All this funding raised the total value of the company to half a billion back then.
Shazam executive 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.”
Related Post
The app achieved a milestone last year, with respect to user base, increased service capabilities and expansion into new market sectors.
Last year, the app was integrated into Apple’s iOS8 and Siri, and according to the company, it has been downloaded over 500 million times and has over 100 million monthly mobile active users. The special integration of Spotify and Rdio in Shazam allows users to enjoy music within the app through the music streaming services.
Shazam CEO Rich Riley stated that we they will continue to focus on user growth and engagement, building on their strength in music and innovating to increase the universe of what is “Shazamable” in order to realise the enormous potential of the app.
The app can recognise TV shows and commercials, movie theatres, retail environments, radio content and ads and out of home advertising.
However, according to the company’s accounts for the last six months of 2013, Shazam reported ?16.9 million ($27.5m) of revenues for the half-year period, and a net loss of ?5.8 million ($9.4million). In the same period last year, it raised funding from America Movil and Clifton Capital.
