The City roundup video: Shazam attracts $1bn price tag

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If you’ve been bemused at a party in the last couple of years as fellow party-goers waved their phones seemingly aimlessly in the air then you’ve obviously not submitted to the delights of Shazam.

The Hammersmith-based music app firm has become one of Britain’s few billion-dollar technology companies after attracting a $1 billion (£661.8 million) price tag in a new fundraising.

Shazam raised $30 million from three, unnamed new investors it said today and will spend the money expanding into new mediums and countries.

The deal is a significant one not just for the 16-year-old company but for the UK’s tech scene as a whole. With Silicon Valley dominating the upper echelons of the eye-busting tech valuations, a British tech success like this will be seen as significant to Government’s attempts to attract investment on these shores.