Venture capital firms Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners (IVP), with existing investor DN Capital, participated in the round for Shazam, a developer of mobile-based music recognition software.
The investment will fund the acceleration of the company’s growth and the development of Shazam’s new venture into television, Shazam for TV. The app is a mobile commerce platform that enables brands to expand into television.
According to a company statement, London-based Shazam is growing by more than 1 million customers a week and is approaching 150 million users. It aims to achieve 250 million users within two years.
KPCB partner Matt Murphy comments, ‘Shazam has experienced incredible growth over the last year and established itself as the ultimate mobile app for media discovery and interaction. The recent additions of Shazam Friends, synchronised lyrics in LyricPlay, and Shazam for TV are just the start to expanding the functionality of a magical technology.’
In January, Shazam and Spotify announced a partnership to improve their range of products for mobile users. The agreement sees Spotify’s service integrated across the full range of Shazam’s free and paid-for apps created for MP3 players, smartphones and tablets.
The company has also worked with NBC/Universal and MTV to incorporate Shazam for TV into their shows. Andrew Fisher, chief executive of Shazam, says that while the company is moving into television, music will remain at the core of the company’s DNA.
Fisher says, ‘Our expansion into television is a natural evolution of our technology and we are excited to have delivered the same powerful discovery experience for broadcasting and advertising that people have always loved with music.
‘Our size and growth is unparalleled in the industry and gives our network and brand partners reach not available with anyone else. This investment will support our continued growth, both organically and through acquisition, as well as the ongoing development of new features and products, keeping us at the forefront of innovation.’
Shazam has more than 100 employees and is headquartered in London, with offices in Palo Alto, New York, Los Angeles and Seoul.