Shazam raises $32m in new funds

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The Independent Online

The music identification service Shazam has raised $32m (£20m) in funding as part of an expansion drive to become a "global content discovery company".

The British company, which allows people to identify music using their mobile phones, is closing on 150 million users. It has expanded to TV in the US and the chief executive, Andrew Fisher, said the company was changing from a technology platform to a media company.

The fund-raising was led by Kleiner Perkins Caufield & Byers, a US venture capital fund that has invested in Zynga and Google, as well as Institutional Venture Partners and DN Capital.