Shazam has developed technology that allows people to identify music by holding their mobile phone up to a speaker from which the music is being played. Users are then able to download the song from iTunes, Amazon and other online music stores. The company was founded in 2000 by a group of Stanford University entrepreneurs with £1m funding from a London consortium of investors. The founders exited in 2004 when a new management team led by chief executive Andrew Fisher was appointed and the funding consortium was bought out. In 2009 the company received an undisclosed amount from Kleiner Perkins Caufield & Byers, which also backs Google and Amazon. Shazam claims that 75m people in almost every country in the world use it products and that one billion songs have been indentified through its technology. Sales grew 60% a year from an annualised £1.8m in 2006 to £7.3m in 2009.
This profile reflects the company at time of publication and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.