The media engagement company has teamed up with one of the world's wealthiest men to further growth in the Americas.
Media engagement company Shazam has received $40 million from Latin American wireless services provider America Movil and its co-chairman, billionaire Mexican tycoon Carlos Slim.
According to America Movil, it has acquired 10.8 percent of the shares representing the capital stock of Shazam as a result.
The companies also announced they have established a strategic business collaboration for the Americas.
In a prepared statement, Shazam Executive Chairman Andrew Fisher said the partnership will further its growth in the Americas "as we seek to become an increasingly important part of people's everyday lives."
More specifically, Shazam says the investment will help accelerate ongoing growth in music, continued expansion into television, and the development of new products.
Shazam has more than 350 million worldwide users. In addition, Shazam says it sees more than two million new users each week.
America Movil says it had 262.9 million wireless subscribers as of March 31.
"Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value added experiences for consumers, content providers and brands," said Slim in a written statement.
In June 2011, Shazam raised $32 million from Kleiner Perkins Caufield & Byers, Institutional Venture Partners, and DN Capital. Acacia Capital Partners is also listed as an investor on the Shazam website.
Since its last round, Shazam says it has expanded its services into television and advertising.
"Shazam's expansion into television has moved the company into an entirely new phase of growth with interactive advertising generating new sources of revenue and partnerships with broadcasters encouraging a broader group of people to use Shazam more frequently," said Shazam CEO Rich Riley in a prepared statement.
Riley joined the company in April.
In the last year, Shazam says it has updated the design and increased the speed of its app for iOS and Android. In addition, earlier this month, Shazam launched a new iPad app that includes a new feature, auto-tagging, which helps people recognize and engage with any media playing around them automatically.
On the heels of a fantastic event in New York City, ClickZ Live is taking the fun and learning to Toronto, June 23-25. With over 15 years' experience delivering industry-leading events, ClickZ Live offers an action-packed, educationally-focused agenda covering all aspects of digital marketing. Register today!
In addition to ClickZ and Search Engine Watch, Lisa's work has appeared in The Huffington Post, The Luxury Spot, LearnVest, MarthaStewart.com, GoodHousekeeping.com, amNewYork, and The Wall Street Journal. She's a graduate of Columbia's School of Journalism.
Hong Kong, May 5-6, 2015
Gartner Magic Quadrant for Digital Commerce
This Magic Quadrant examines leading digital commerce platforms that enable organizations to build digital commerce sites. These commerce platforms facilitate purchasing transactions over the Web, and support the creation and continuing development of an online relationship with a consumer.
Paid Search in the Mobile Era
Google reports that paid search ads are currently driving 40+ million calls per month. Cost per click is increasing, paid search budgets are growing, and mobile continues to dominate. It's time to revamp old search strategies, reimagine stale best practices, and add new layers data to your analytics.
May 6, 2015
12:00pm ET/9:00am PT