Shazam, an app that helps people identify songs, has raised $30 million in funding, putting the valuation of the company at over $1 billion. The investors in this round were not named. Shazam is a portfolio company of DN Capital.
LONDON – January 21, 2015 – Shazam® today announced it has closed a $30 million investment valuing the company at over $1 billion. This valuation ranks Shazam amongst the top European start-ups also referred to as “unicorns”. DN Capital, a leading early stage British venture capital firm invested in the Company in 2004 and has played a crucial role in helping the firm expand – amongst which was supporting the Company’s US expansion and key introductions to Apple. The increased valuation represents a 1000x increase in value since DN’s first investment in 2004.
The funding will support Shazam’s continued evolution and rapid growth following a year of user milestones, increased service capabilities and expansion into new market sectors.
Andrew Fisher, Executive Chairman said “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. We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”
Shazam enters 2015 with tremendous momentum:
· Crossed 100 million monthly active mobile users, placing the company in an elite echelon of only a handful of mobile brands
· Music identification capability is faster and more accurate than ever
· Added extensive music content, integrated with the world’s leading streaming music providers with the ability to play music within the Shazam app via Spotify and Rdio.
· Integrated into Apple’s iOS8 and Siri
· Shazam enabling TV shows and commercials, cinemas, retail environments, radio content and ads and out of home advertising
· Announced new capabilities to Shazam using the camera for print ads, QR codes, packaged goods and barcodes
· Announced capabilities to recognise beacons
“We’re excited to continue to focus on user growth and engagement, building on our strength in music and innovating to increase the universe of what is Shazamable in order to realise the enormous potential of Shazam,” said Rich Riley, CEO, Shazam. “Our move into multiple new environments in 2014 has allowed our users to connect to more aspects of their world while enabling our partners and advertisers to reach our massive and engaged user base like never before.”
Nenad Marovac, Managing Partner at DN Capital and the longest standing Board member added “I am really happy to see the Company get to where it is today. It has been a long and arduous road where in the beginning our technology was way ahead of the market. Now with smart phones consumers can experience the true magic of Shazam. I think this is just the beginning in terms of what this Company can do and am really excited about our roadmap. We are privileged to have been a part of this truly inspirational journey and look forward to Shazam’s next phase.”
Shazam is one of the world’s most popular mobile apps that magically connects people to the world around them. Shazam pioneered audio recognition technology that helps people identify music and has grown into a service that effortlessly connects people with artists, TV shows, ads, cinema, radio and retail environments. Shazam has been downloaded over 500 million times and has over 100 million mobile monthly active users.
About DN Capital
DN Capital is a global early stage and growth capital investor in software, mobile applications, digital media, marketplace and e-commerce companies. The firm has operations in London, Berlin and Menlo Park and its objectives is to identify, invest in and actively support its portfolio companies to become global leaders.
Portfolio companies include Shazam Entertainment, Apsmart (sold to Thomson Reuters), BOOK A TIGER, Datanomic (sold to Oracle), Delectable, Endeca Technologies (sold to Oracle), JacobsRimell (sold to Amdocs), Mister Spex, OLX (sold to Naspers), Performance Horizon Group, PurpleBricks, Quandoo, Tbricks, Videdressing and Windeln.de.
The professionals at DN Capital bring over 60 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Additional information about the firm and its portfolio companies can be found at http://www.dncapital.com.