DN-backed Shazam raises $30m

Harriet Bailey
21 January 2015

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Audio recognition app Shazam, backed by venture capital investors including DN Capital, has raised a further $30m.

The latest round values the company at more than $1bn.

Several DN Capital portfolio companies have announced further funding rounds in recent weeks. Munich-based online baby products retailer windeln.de raised €45m earlier this week, while online eyewear company Mister Spex raised €40m. Goldman Sachs led the rounds for both companies, which also saw DN Capital re-invest.

It is currently investing its Global Venture Capital III vehicle, which closed in September 2014 on €144m, well above its target of €100m.

Previous funding
Shazam first raised external capital in July 2001, when Lynx Capital Ventures invested in a $7.5m round. IDG Venture Europe led a €6m series-B round in April 2003. DN first invested in a $5m series-C round in March 2004, alongside previous investors and several business angels. The funding came from its Global Venture Capital I vehicle.

Azini Capital Partners took over Lynx Capital's stake in Shazam in 2008 as part of a secondaries transaction of Lynx portfolio companies.

Kleiner Perkins Caulfield & Byers (KPCB) invested via its iFund in October 2009, leading a series-D round alongside Acacia Venture Partners and DN. Apple introduced KPCB to the business.

KPCB and Institutional Venture Partners led a further $32m series-E funding round in June 2011, while wireless carrier America Movil invested $40m in July 2013.

Company
Founded in 2000, London-based Shazam's audio recognition technology enables users to identify unknown music by recording a clip onto the Shazam app. The app has been downloaded more than 500 million times and has 100 million active mobile users. The company has more than 250 employees.

People
Andrew Fisher is executive chairman of Shazam. Rich Riley is CEO of Shazam. Nenad Marovac is managing partner at DN and is a member of the Shazam board.