Shazam raises $30 million in funding, now valued at over $1 billion
After gaining $30 million in funding from several unidentified investors — described by Chairman Andrew Fisher as “a couple of billionaires” — Shazam‘s value has pushed past the $1 billion mark. The music identifying app plans to use its bolstered resources to squeeze its way into new markets as well as to add new features to its growing technology.
“Strengthening the balance sheet gives us more choices about when we would go to the public market,” Fisher told Bloomberg Television. Shazam, which has over 100 million monthly active users, has already reeled in major investors such as Carlos Slim, Kleiner Perkins Caufield & Byers, Institutional Venture Partners and DN Capital Ltd since its inception.
Fisher further explains, “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.”