By Daniel Hunter

Shazam has been valued at $1 billion after completing a $30 million investment.

The app, which allows users to discover information about music and television around them, has more than 100 million users.

Shazam said it would use the funding to continue its evolution and "rapid growth" after a strong year in 2014.

Andrew Fisher, Executive Chairman said: “This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them. We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”

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