Russian Venture Fund invests $ 8.5 million in Shazam music service

    Shazam received thirty million dollars during the eighth round of investments in January. According to the results of the round, investors rated the music service at one billion , and the total investment amounted to one hundred and seventy million dollars.

    image

    Shazam was founded in 1999. The service recognizes the song and provides information about it. The number of active users of the service is one hundred and ten million people, and Spotify, Pandora, Amazon.com are called among its competitors. The service earns on commission deductions from music sales.

    During the eighth round of investments on January 21, 2015, thirty million dollars were invested in the company. Of these, eight and a halfShazam got from the Buran Venture Capital venture capital fund, whose investors are Mikhail Winchel and Grigory Finger - co-founders of the Mail.ru Group - and 01 Group of Boris Mints. Shazam Board Chairman Andrew Fisher noted that working with Buran VC will help the company navigate several key markets. Fund partner Alexander Konoplyastiy noted that Shazam "may be useful" for investor relations with Mail.ru and the social network Vkontakte.

    The venture fund expects a return of more than fifty percent per annum.

    The company is not yet in the top five most expensive startups, but is among the seventy-three startupsthat investors value in a billion dollars or more. After attracting one hundred seventy million dollars in eight rounds, Shazam was valued at one billion .

    Also popular now: