Shazam Secures $32m
- Tuesday, June 21st, 2011
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Mobile discovery company Shazam has raised $32m (£19.8m) in new funding led by Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners (IVP), with existing investor DN Capital also participating. Shazam says the funds will be used to support the company’s continued growth, and the development of it’s real-time discovery and sharing app as it expands into television with Shazam for TV.
“Shazam has experienced incredible growth over the last year and established itself as the ultimate mobile app for media discovery and interaction,” says Matt Murphy, a partner at KPCB. “The recent additions of Shazam Friends, synchronized lyrics in LyricPlay, and Shazam for TV are just the start to expanding the functionality of a magical technology.”
Over the past year, US broadcasters including NBCUniversal and MTV have worked with Shazam to incorporate Shazam for TV into their shows. By creating ‘Shazamable’ shows and commercials, networks and brands can give their viewers an unobtrusive “second screen” experience without interrupting what they’re watching. Additionally, Shazam works with these producers and advertisers to create a rich, interactive experience that gives viewers more information about the shows and products they love. According to Google, 72 per cent of smartphone owners use their phone while consuming other media, such as TV.
“Music is still at the core of our DNA and will always remain fundamental to who we are,” says Shazam CEO, Andrew Fisher. “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.”
With the 150m Shazamer just around the corner, Shazam says it is on a trajectory to achieve 250m users within two year. The company has more than 100 employees and is headquartered in London, with offices in Palo Alto, New York, Los Angeles and Seoul. The Shazam app is available on iOS, Android, Java, BlackBerry, Windows, Symbian and all other major platforms and is available in more than 30 languages and 200 countries around the world.