UK-based music-identifying app Shazam has a secured a new US$30m investment that brings the company’s valuation to more than US$1bn.
The funding will be used to support Shazam’s continued growth, which includes an increase in service capabilities and expansion into new market sectors.
“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 while magically connecting people to the world around them,” said the firm’s executive chairman, Andrew Fisher.
“We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”
Despite being in operation since 1999, Shazam has experienced a sharp, rapid growth recently. The company launched its first music-identification service in 2002. Initially, users in the UK would dial a phone number, hold their phones up to a speaker for 30 seconds, and receive a text with the song title and artist soon after.
Today, its smartphone app boasts 100m monthly active mobile users and the company counts Google Play, iTunes, Beats and Spotify among its partners.
“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 realise the enormous potential of Shazam,” said added Rich Riley, CEO of Shazam.
“Our move into multiple new environments in 2014 has allowed our users to connect to more aspects of their world while enabling our partners and advertisers to reach our massive and engaged user base like never before.”
Shazam image via Shutterstock