Shazam has announced that its received $40 million investment from the world's richest man.

America Movil - owned by Carols Slim - has formalised a business deal with the media company.

Shazam says the investment will help accelerate the company's ongoing growth in music, continued expansion into television and the development of new products.

More than 350 million people use the commercial mobile phone based music service.

America Movil, the US' largest telecommunications company, has issued a statement to say the investment will support Shazam's ongoing growth in music, continued expansion into television and the development of new products.

“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” said Carlos Slim. 

Shazam Executive Chairman, Andrew Fisher said “This investment will help support our continued expansion as we seek to become an increasingly important part of people’s everyday lives. With over 350 million users we are excited to be partnering with America Movil to further accelerate our growth throughout the Americas.”

Earlier this month, Shazam launched a new app for iPad which included a new feature, Auto-Tagging, helping people to recognize and engage with any media playing around them, automatically.