London-based mobile music recognition service Shazam has raised $32 million (£20 million) in new funding. The money will be used to help the company grow and develop its mobile applications.
Shazam is approaching 150 million users worldwide and is on course to achieve 250 million users within two years. It recently launched a synchronised lyric service and is now working closely with TV broadcasters.
Andrew Fisher, CEO of Shazam, said “Music is still at the core of our DNA and will always remain fundamental to who we are. Our expansion into television is a natural evolution of our technology and we are excited to have delivered the same powerful discovery experience for broadcasting and advertising that people have always loved with music. Our size and growth is unparalleled in the industry and gives our network and brand partners reach not available with anyone else. This investment will support our continued growth, both organically and through acquisition, as well as the ongoing development of new features and products, keeping us at the forefront of innovation.”