Shazam, the mobile app that instantly recognizes songs and TV commercials, has announced a $40-million round of funding led by Mexican billionaire Carlos Slim.
The app, which users turn on when they hear a song that they want to identify, said the funding is being headed up by Slim's company, America Movil, one of the world's largest wireless communication firms.
Shazam Chief Executive Rich Riley called the investment a milestone.
“It's a great continuation of the incredible momentum that we have,” he said.
Riley said Slim was attracted to invest in Shazam based on the way the company has built out its global brand. Shazam is available to users in more than 200 countries and is available in 33 languages.
"We are thoroughly global," Riley said.
Though Shazam is not profitable, the company said it has generated revenue of $300 million in the past 12 months from song purchases. When users purchase a song from iTunes or other digital stores after tagging it on Shazam, the company gets a cut of the sale.