Shazam has closed a USD30 million investment valuing the company at over USD1 billion. This valuation ranks Shazam amongst the top European start-ups also referred to as “unicorns."
DN Capital, an 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, says: “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.”
Nenad Marovac, Managing Partner at DN Capital and the longest standing Board member, says: “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.”
