Music App Shazam Valued At More Than $1 Billion With Recent Funding

MusicShazam, the popular music app that can identify songs, is now valued at over $1 billion, after raising $30M in funds. Chairman Andrew Fisher told Bloomberg Television, “we had a couple of billionaires who participated in the funding round,” but wouldn’t name investors. The London-based company has detailed plans for the funds: bolstering their technology and expanding into new markets. With more than 100 million monthly users, Shazam is looking forward to an initial public offering in the next few years. Shazam has previously received support from billionaire Carlos Slim, in a $40 million deal that included pre-loading the app on certain Latin American smartphones. Previous expansions by Shazam include creating more interactive ads for advertisers by integrating the app’s technology into screens and concert venues and shopping malls, as well as location based marketing tools.