App Developer Shazam Gets $40 Million Backing from Mexican Tycoon Carlos Slim Sarah Young - Reuters
go to original July 8, 2013

A NEW version of Shazam is here. If you've got an iPad Shazam now has a redesigned discovery home screen, improved tag result layout and new features exclusive to iPad! (ShazamVideoChannel)

Smartphone app developer Shazam has found an unlikely ally in the form of Carlos Slim, one of the world's richest men, who is investing $40 million to back the development of the start-up best known for helping music fans identify catchy songs.

The move is surprising for 73-year-old Slim, who built his company America Movil in a more staid sector, namely the highly regulated telecommunications and TV business in Latin America.

Before Shazam, Slim's only forays into Europe were to plough 4.8 billion euros ($6.1 billion) into stakes in Dutch operator KPN and Telekom Austria, on which he is nursing huge paper losses after their shares declined sharply in the past year.

Slim, ranked the world's top billionaire by Forbes magazine with a net worth of $73 billion, was brought in by one of Shazam's venture capital owners, Silicon Valley fund Kleiner Perkins Caufield & Byers.

Read the rest at Reuters

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