VC-backed Shazam raises $40m from America Movil

Amy King
08 July 2013

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Music discovery company Shazam has received a $40m capital injection from wireless carrier America Movil.

The new partnership will accelerate Shazam's growth in the Americas.

In March 2013, Shazam was reported to be pursuing an IPO as early as next year following the appointment of former Yahoo vice president Rich Riley as its new CEO.

The firm counts DN Capital, Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners among its backers. The fresh capital has seen existing investors slightly dilute their stakes in the company.

Shazam's most recent funding round occurred in 2011 when the VC trio injected $32m into the firm to develop Shazam for TV. In 2009, KPCB led a series-D round for the firm alongside Acacia Venture Partners and DN Capital.

In March 2004, DN Capital, Lynx New Media and several business angels invested in a $5m third round of financing for Shazam. In April 2003, IDG Ventures Europe led a €6m second round of funding for the company, alongside Lynx Capital Ventures, both of which invested in the previous €7.5m round in July 2001.