Shazam raises US$30m, hits US$1bn valuation

Content recognition app Shazam has closed a US$30 million (€26 million) investment round, which values the company at more than US$1 billion. 

The firm said that it will use the funding to support its continued evolution and rapid growth, following a year of “user milestones, increased service capabilities and expansion into new market sectors.”

Shazam currently claims more than 100 million monthly active mobile users, and has introduced new capabilities such as using the app for print ads, QR codes, packaged goods and barcodes.

Shazam can also be used in conjunction with TV shows and commercials, movie theaters, retail environments, radio content and ads and out of home advertising.

The firm claims that its original music identification capability is “faster and more accurate than ever” and that it has integrated the service with streaming music providers like Spotify and Rdio.

“This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them,” said Shazam executive chairman Andrew Fisher.

CEO Rich Riley added: “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 realize the enormous potential of Shazam.”