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Shazam gains £26 million investment from world's richest man Carlos Slim

UK based mobile app company Shazam has gained a £26 million investment from Mexican Business magnate Carlos SIim, the world's richest man.

Shazam was developed as a service that allows users to identify the name of songs using their mobile phone through audio recognition technology. It has proved hugely popular and reached 70 million active users a month in 2013.

The company now describes itself as a media engagement company and can link to a whole host of information through the sound activated software.

The likes of Unilever, ITV and American Express have already enlisted its services for advertising campaigns and the company has said it plans to use the money to further this expansion.

73-year-old Slim owns Mexico City based America Movil, a vast telecommunications company which provides digital TV, broadband and the fourth largest mobile network in the world.

Slim, who is worth $73 billion (£49 billion), was enticed into the company by one of Shazam's venture capital owners Kleiner Perkins Caufield & Byers. It is believed that the investment will give Slim around 10 per cent of the company.

Introducing the news on the company's website, Shazam Executive Chairman, Andrew Fisher commented, "We are delighted to welcome America Movil as an investor in Shazam as we execute on our mission to enable people to engage with content and brands in the easiest way possible whether they are interacting with television, music or in retail environments."

The partnership will also mean expansion into Latin America, with American Movil promoting Shazam's services across its markets.

"We are excited to bring this innovation to America Movil subscribers as we continue to further differentiate our services as the market leader in Latin America," said Slim.

Shazam CEO, Rich Riley added, "Shazam's expansion into television has moved the company into an entirely new phase of growth with interactive advertising generating new sources of revenue and partnerships with broadcasters encouraging a broader group of people to use Shazam more frequently."