Shazam Raises $40 Million Led By Carlos Slim’s America Movil
Music identification service Shazam has raised $40 million in venture capital funding. The investor in this round was America Movil, the phone carrier based in Mexico founded by billionaire Carlos Slim. Slim is known for having a back-and-forth every year for the richest man in the world title with Microsoft co-founder Bill Gates. The funding is strategic because Shazam will be entering a business partnership with the company.
Shazam also revealed that they have hit over 350 million users and 70 million monthly active users. This is over twice the number as of two years ago. The funding will be used for investing in the company’s infrastructure.
Founded in 2000, Shazam has raised a total of $75 million in funding. The company plans to eventually go public, but not this year.
“Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value added experiences for consumers, content providers and brands,” said Slim in a prepared statement.