Users of the app can hold up their mobile devices to speakers, and the app instantly recognizes the name and artist of the playing song. Funding for the UK-headquartered company is coming from Slim's company, America Movil.
America Movil is one of the world's largest wireless communications firms and is contributing $40 million to the app. The firm will pre-install Shazam on certain smartphones in Latin America. The investment will enable Shazam to expand and develop more products.
The deal gives Slim a 10.8 percent stake in the company.
Shazam, while not profitable in itself, has generated $300 million in song purchases in the past year. Shazam gets a cut of each song sold when tagged through the app. The company has increased its user base to 70 million after funding in September 2012.
“Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value-added experiences for consumers, content providers and brands,” Slim said in a statement.