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Shazam finds its genie: Carlos Slim hands app developer $44 million wish

Reuters/ AFR | July 8, 2013
Smartphone app developer Shazam has found an unlikely ally in the form of Carlos Slim, the world's richest man, who is investing $US40 million to back their development.

The billionaire businessman's empire of phone, construction and banking companies often expands by buying stakes in small companies. Earlier this year, Ora.TV, a fledgling online digital television network funded by America Movil, bought TV production company Stick Figure Productions.

Separately, Slim's Grupo Financiero Inbursa, which runs an investment fund managing about 5.15 billion pesos ($435 million), has invested in companies from film financier Movie Risk to natural gas company Gas Natural Mexico.


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