Shazam Raises $32 Million, Plans Major Expansion

Music recognition app Shazam has raised $32 million in new funding to expand the company and move it towards an IPO. Led by venture capitalists Kleiner Perkins Caufield & Byers, Institutional Venture Partners and existing investor DN Capital, Shazam will double its 100-person staff and accelerate product development as it works towards adding more television to its music offering.

The company would not disclose the valuation that the funding round was based on, but Chief Executive Andrew Fisher told Reuters that it was in the "hundreds of millions of dollars."

Shazam has deals NBC and advertisers that allow consumers to point their cell phones to their TV sets and access special offers and additional content.