Shazam, the UK-based media engagement company backed by several corporate investors, closed a $30m series F round backed by undisclosed investors yesterday at a valuation of more than $1bn.
Shazam has developed audio recognition technology enabling users of its smartphone apps to identify music. It has since expanded to offer additional content and information when identifying other media such as TV shows, advertisements or films.
Wireless telecommunications company América Móvil paid $40m for a 10.8% stake in Shazam in 2013. The company secured $20m in a March 2014 series E round and $32m in a 2011 series C, but has not disclosed details of its series A or B rounds.
Two months after Shazam’s series E round, Access Industries, the parent company of music corporation Warner Music Group, and record companies Sony Music Entertainment and Universal Music Group, each bought a $3m stake in the company from an unnamed third-party investor, according to the Wall Street Journal.
Shazam’s existing investors also include Kleiner Perkins Caufield & Byers, DN Capital and Institutional Venture Partners.
Rich Riley, CEO of Shazam, said: “Our move into multiple new environments in 2014 has allowed our users to connect to more aspects of their world while enabling our partners and advertisers to reach our massive and engaged user base like never before.”