Music recognition app Shazam has been valued at $1billion following an injection of $30 million in its latest funding round.
The app has become hugely popular since Shazam Entertainment Ltd. Was formed in the US in 1999. It has now been downloaded more than 500 million times and boasts more than 100 million active monthly users.
Now headquartered in London, the company now has 7 offices worldwide. Mexican business tycoon Carlos Slim invested $40 million in the business back in 2013.
The latest funding round was supported by UK capital investment firm DN Capital. The relationship between the two companies is now more than a decade old following DN’s initial investment in 2004.
Shazam’s value has grown to 1,000 times its former worth in the subsequent 11 years. It is now one of a select group of “Unicorns” – European start-ups that have enjoyed phenomenal growth to become one of the best financial prospects in the continent.
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The business also has the advantage of having been a household name among music fans for several years – with big names such as Julian Casablancas from The Strokes proclaiming themselves fans.
Shazam CEO Rich Riley cited growth and innovation as two areas the business will continue to focus on “in order to realise the enormous potential 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,” he said.
Meanwhile DN Capital managing partner Nenad Marovac added Shazam’s road to success has been “long and arduous” due to its technology being ahead of the market for some time.
“I think this is just the beginning in terms of what this Company can do and am really excited about our roadmap. We are privileged to have been a part of this truly inspirational journey and look forward to Shazam’s next phase,” he said.