Shazam, the popular music discovery app, has raised $30 million in a funding round that pushes the British company’s value to over $1 billion. The company said the funding will allow Shazam to continue its expansion after a busy 2014.
The identities of the investors have not been disclosed, but Chairman Andrew Fisher told Bloomberg that “a couple of billionaires” were in the mix. Previous investors include Mexican mega-mogul Carlos Slim, who just doubled his stake in the New York Times Company, as well as DN Capital, Institutional Venture Partners and Kleiner Perkins Caufield & Beyers.
“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 Fisher. “We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”
The Shazam app, which now includes music news, real-time trending songs and expanded charts, has been downloaded over 500 million times and boasts over 100 million monthly mobile active users. In December the app was enhanced to give Spotify or Rdio users the ability to listen to full tracks inside the Shazam app.