Shazam valued at $1bn as it closes new $30m round of funding

Shazam valued at $1bn as it closes new $30m round of funding

Shazam has announced closing a new round of funding worth $30 million, which would value the company at over $1 billion. 

The news - reported by Bloobmberg - is a sign of investor confidence in the company as it readies to expand its technology into new markets. 

Chairman Andrew Fisher stated that the new round gives the company more choices in regards to the timing for going public, which means that the company is aiming for an IPO rather than an acquisition. 

The company has not yet stated who the investors are but it has mentioned a “couple of billionaires”. Shazam already counts one billionaire amongst its investors: Carlos Slim - who consistently ranks as one of the wealthiest people in the world - has already invested $40m in Shazam through his company America Movil.

Although London has produced its fair share of successful tech companies the Shazam story is a particularly bright one, and this week is full of good news for the London music tech scene: just yesterday we heard that startup Semetric had been acquired by Apple for an undisclosed sum. 

(Andrea Leonelli)