Spotify to raise $100 mln at $3 bln valuation - report

Sat Nov 10, 2012 7:39am IST

Daniel Ek, CEO & Co-Founder of Spotify, addresses attendees during the International CTIA WIRELESS Conference & Exposition in New Orleans, Louisiana May 9, 2012. REUTERS/Sean Gardner/Files

Daniel Ek, CEO & Co-Founder of Spotify, addresses attendees during the International CTIA WIRELESS Conference & Exposition in New Orleans, Louisiana May 9, 2012.

Credit: Reuters/Sean Gardner/Files

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REUTERS - Spotify is in the middle of a $100 million financing round that could value the music streaming company at just over $3 billion, the Wall Street Journal reported citing sources.

The Journal said Spotify would raise the fresh capital from multiple investors including Goldman Sachs (GS.N). The WSJ report did not name any other investors. (r.reuters.com/mev83t)

Spotify has raised capital from outside investors several times since it set up shop in 2006, and was earlier reported to have been looking to secure a capital boost of about $200 million, at a valuation of about $4 billion.

Kleiner Perkins Caufield & Byers, Accel Partners and others have invested about $189 million in the company in its prior financing rounds.

The company has over 15 million active users and 4 million paying subscribers, for its on-demand service, which offers unlimited music streaming of some 18 million tracks. (Reporting by Himank Sharma in Bangalore)

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