Russian VC Buran Venture Capital has announced that it has reached an agreement to provide Shazam, a popular entertainment platform, with $8.5 million in funding. The deal, which is part of a recent $30-million funding round for Shazam that provides the company with a valuation of $1 billion, will enable Shazam to continue to develop its products, as well as expand into new market sectors. This was hardly the first funding round for Shazam, as the deal concluded in January was a Series F.
Since the company launched back 2002, Shazam has become one of the leading startups out there, claiming 600 million downloads from a userbase of over 110 million. The company targets various aspects of the music market, letting users purchase music, find lyrics, and more. The company is perhaps most well known for allowing users to take their phones or tablets while listening to music or watching a TV show and using the app to identify the content and to then, possibly, click through to purchase it.
Buran, which was founded in 2012, targets software projects from central and eastern Europe (CEE), the CIS, Turkey, and Israel.