America Movil, a Mexico-based wireless telecommunications company, has invested $40m to acquire a 10.8% stake in Shazam, a UK-based media engagement and app company. The two companies have also formalized a strategic business collaboration for the Americas.
The investment will help Shazam’s growth in music, expansion into television and the development of innovative new products.
Carlos Slim, owner of America Movil, said: “Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value added experiences for consumers, content providers and brands. We are excited to bring this innovation to America Movil subscribers as we continue to further differentiate our services as the market leader in Latin America.”
Andrew Fisher, Shazam executive chairman, said: “We are delighted to welcome America Movil as an investor in Shazam as we execute on our mission to enable people to engage with content and brands in the easiest way possible whether they are interacting with television, music or in retail environments.”
Shazam received its last funding round in June 2011, when it raised $32m from venture capital firms led by Kleiner Perkins Caufield & Byers and Institutional Venture Partners, with existing investor DN Capital participating.
The company was founded in 2002.