Shazam valued at $1bn following $30m DN Capital investment
Mobile music app one of only five UK tech start-ups to reach billion milestone
Leading mobile music app Shazam has joined the “$1bn start-up club” after closing a funding round of $30m led by existing investor DN Capital; a 1000% increase in value since British venture firm DN’s initial seed round in 2004.
Said to be one of only five UK headquartered tech start-ups to reach the $1bn valuation milestone alongside Zoopla, Wonga, Monitise and Powa Technologies, Shazam has grown rapidly since its launch in 1999 and claims to have been downloaded over 500 million times with 100 million mobile monthly active users.
The London-based app allows users to identify songs played on TV shows, adverts and radio as well as those in cinemas and retail environments and is integrated with Spotify and Rdio as well as Apple’s iOSA and Siri.
The funding, which critics say marks Shazam as a European ‘unicorn’, is set to enable the tech firm to fulfill its 2015 growth plans which includes increased service capabilities and expansion into new markets.
Shazam CEO, Rich Riley, commented:
“We’re excited to continue to focus on user growth and engagement, building on our strength in music and innovating to increase the universe of what is Shazamable in order to realise the enormous potential of Shazam.
“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.”
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Nenad Marovac, DN Capital managing partner, continued: “I am really happy to see the company get to where it is today. It has been a long and arduous road where in the beginning our technology was way ahead of the market. Now with smart phones consumers can experience the true magic of Shazam.
“We are privileged to have been a part of this truly inspirational journey and look forward to Shazam’s next phase.”