VC-backed Shazam raises $32m

Existing investor DN Capital also participated. The fresh capital will mainly be used to develop Shazam for TV, a new functionality which allows users to interact and access more content related to TV shows. Currently focusing on the US market, the new service could later be extended to Europe.

Part of the latest round will also help Shazam further develop its current music discovery and sharing applications.

KPCB led an undisclosed series-D round of funding for Shazam in 2009, 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.

Company
London-based Shazam was founded in 2000 and began distributing its software in 2002. It enables users to identify and share music across mobile devices and the internet,  through platforms such as iPhone, BlackBerry, Android, Symbian and Java.

The company, which is said to be profitable, has so far attracted 150 million users worldwide. It is aiming to break the 250 million users barrier within the next two years.

People
Matt Murphy is responsible for the Shazam investment at KPCB. Andrew Fisher is CEO of Shazam.

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• Topics
• UK / Ireland
• Technology
• Expansion
• DN Capital