Mobile Music Recognition Firm Shazam Raises $5 Million

Authored by Mark Hefflinger on March 24, 2004 - 5:17am.

London -- U.K.-based mobile music-recognition company Shazam Entertainment announced that it has received a further $5 million in a funding round led by new investor DN Capital and IDG Ventures Europe, an investor from two earlier rounds. As part of the investment, Shazam said DN Capital's Nenad Marovac would join the company's board of directors. "Shazam has leapt forward in the past 12 months, and to capitalise on the remarkable progress in establishing our music recognition services worldwide, we decided to raise additional funds to accelerate growth further," said CEO Jerry Roest. The company said the funding would also be used for expansion into non-consumer areas like broadcast monitoring, royalty tracking and information services for the music industry. Just last April, the company secured more than 6 million euro ($7.3 million) in a funding round led by IDG Ventures Europe and Lynx Capital Ventures.
http://www.shazamentertainment.com/home.shtml