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Shazam - music to an investor's ears?
Shazam, the popular app developer which has 350 million users, is about to get even bigger; it has found an unlikely ally in Carlos Slim, one of the world's richest men, who is investing USD 40 million to back the development of the start-up.
That could perhaps come as a bit of a surprise, because Shazam, which is best known for helping music fans identify catchy songs, is currently not profitable. However, the company’s chairman, Andrew Fischer, has hinted at the fact it is on the "path to an IPO".
Slim, who is ranked the world's top billionaire by Forbes magazine, with a net worth of USD 73 billion, was brought in by one of Shazam's venture capital owners, Silicon Valley fund Kleiner Perkins Caufield & Byers.
Here Bruce Beckloft from Marmalade Consultancy discusses how far Shazam can go.
01:18 minutes
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