Mobile music discovery firm Shazam has raised $32m in new funding led by Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners (IVP), with existing investor DN Capital participating.
The investment will be used to support the company’s continued growth and the development of Shazam’s real-time discovery and sharing App which creates an engaging, interactive mobile commerce platform for brands 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,” said Matt Murphy, 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.”
With the 150 millionth Shazamer just around the corner, Shazam is on a trajectory to achieve 250 million users within two years and continues to dominate the mobile discovery market.
“Over the last 12 months, Shazam has seen a 100% increase in the number of people downloading its mobile application each week, making it an integral part of their life,” said Dennis Phelps, General Partner at IVP. “With four million tags a day, Shazam is uniquely positioned to capitalize the increasing propensity of consumers to use their mobile devices for discovery, sharing and commerce.”
Networks such as NBCUniversal and MTV have worked with Shazam to incorporate Shazam for TV into their shows during the last year.
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 rather than just a simple “check-in.”
“Music is still at the core of our DNA and will always remain fundamental to who we are. 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,” said Andrew Fisher, CEO of Shazam. “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.
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.
www.shazam.com