DN Capital’s portfolio company Shazam, a mobile music discovery provider, has received an investment from Kleiner Perkins Caufield & Byers.
This investment is one of the few by KPCB into a European technology company. KPCB has assisted digital consumer businesses such as Google and Amazon.
Shazam says that 50 million people around the world have now used the service, an increase of 15 million users since February this year. The service is now live in more than 150 countries.
DN Capital has worked closely with Shazam through this period of growth, and has been a key supporter of Shazam’s international expansion since its initial investment in March 2004. Acacia Capital Partners was the founding investor in Shazam.
Nenad Marovac, founding partner at DN Capital, says: "Shazam is the world’s leading mobile music discovery application and we are delighted to welcome KPCB as investors to help us continue to evolve its strategy and increase its global penetration. We have helped to build a great team at Shazam, and with the market for music discovery still in its infancy, the investment by KPCB will further aid the growth of Shazam in the US and in other markets.
"KPCB has a stellar track record in the field of digital consumer businesses. We are looking forward to working closely with them to help Shazam achieve its full potential.”
Matt Murphy, partner at Kleiner Perkins Caufield & Byers, adds: “We’re delighted to be leading this round of financing for Shazam. Their iconic application is among the most popular and sticky in the mobile industry. We’ve met hundreds of companies and received thousands of mobile app business plans, but none have distinguished themselves on par with Shazam. We’re still in the early days of the mobile application phenomenon and Shazam’s leadership in the massive mobile entertainment and discovery category, positions them to be at the forefront as it evolves.”