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Edition: U.S. Article Comments (0) Editor's Choice Roger Ebert defends Tweet about "Jackass" star Secretive VIPs splash the cash on customized jumbos Board approves sale of Thrashers and relocation to Winnipeg Rowling set to unveil new Harry Potter venture Women will wed for love, if partner has job: poll Prosecutors seek to limit Clemens's defense Galliano to tell trial he lost it on booze & drugs Study: Women dig dudes driving hot cars Comment: Why is wine getting hotter? Video: Gaga turns green Slideshow: The best of Wimbledon Follow Reuters Facebook Twitter RSS YouTube Read PIMCO's El-Erian predicts Greece, others will default | 8:00am EDT Apple plans faster iPhone for September: report 8:58am EDT Samsung won't get peek at unreleased iPhone: ruling 11:29am EDT Israel asks Apple to remove intifada phone app 21 Jun 2011 Rowling set to unveil new Harry Potter venture 8:12am EDT Discussed 48 Weiner tells friends he will resign: NY Times 47 IMF cuts U.S. growth forecast, warns of crisis 46 Ron Paul wins 2012 Republican straw poll in New Orleans Watched Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 Airbus A380 damaged at Paris Air Show Mon, Jun 20 2011 Grim cigarette labels aim to curb smoking Mon, Jun 20 2011 Shazam raises $32 million to expand music, TV services Tweet Share this Email Print Related News Profitless Pandora pricks the tech bubble Fri, Jun 17 2011 Pandora's allure fades on profitability doubts Wed, Jun 15 2011 Analysis: Computer security attracts venture capitalists Wed, Jun 15 2011 Facebook looking at IPO in first quarter: report Mon, Jun 13 2011 Pandora increases IPO value by 48 percent Fri, Jun 10 2011 Analysis & Opinion Tech wrap: Panasonic profits shaken by quake Plan to ease U.S. disclosure rules only half right Related Topics Technology » Music » Media » By Alexei Oreskovic SAN FRANCISCO | Wed Jun 22, 2011 10:57am EDT SAN FRANCISCO (Reuters) - Shazam, whose technology lets people use their cell phones to learn the names of catchy songs, has raised $32 million in funding to bolster expansion plans and move the company closer to a potential public stock offering. The new funding, led by venture capital firms Kleiner Perkins Caufield & Byers and Institutional Venture Partners, will allow Shazam to double its 100-person staff and accelerate product development as it steps up efforts to expand into the television market. The company would not disclose the valuation it received in the funding round, but Chief Executive Andrew Fisher told Reuters that it was in the "hundreds of millions of dollars." Valuations of Internet companies have soared in recent months, as investors snap up shares of privately held companies that are developing fast-growing social networking and mobile computing services. LinkedIn Corp, a professional social networking website, and online music service Pandora Music Inc had splashy initial public offerings in recent weeks. LinkedIn's shares more than doubled on their first day of trading, while shares of Pandora gained as much as 30 percent on the first day, but have both since sunk below the opening price. Fisher said the recent IPO activity has had no influence on his views about going public and he said that Shazam has made no decision about whether to list its shares on the public market. But he said that Shazam, which has nearly 150 million users, was on track to be considered an "IPO candidate" in 18 months as the company makes progress developing its business and its financial performance. Shazam, which is based in London, does not disclose its revenue, but the company has been profitable for two years. While the company is best known for its music-recognition software, which runs on cell phones and analyzes the sound waves of music played on the radio or in restaurants, Shazam is increasingly focusing on the television market. As a result of deals that Shazam has struck with TV networks including Comcast Corp's NBC Universal and with advertisers, consumers can point their cell phones to their TV sets during certain television shows and commercials to access perks such as special offers and additional videos. Fisher said he expects revenue from the TV business to account for 50 percent of Shazam's revenue in two years. And the company said it is on track to have 250 million users within two years. DN Capital, an existing Shazam investor, is also participating in the company's latest funding round. (With additional reporting by Sarah McBride; Editing by Lisa Shumaker) Technology Music Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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