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

Related Topics

Stocks

   

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)

FILED UNDER:
  • Most Popular
  • Most Shared

Tech Showcase

Antitrust Measure

Antitrust Measure

European Parliament may propose Google break-up in draft resolution.  Full Article 

Regulating Apps

Regulating Apps

Singapore to regulate taxi-booking apps Uber, GrabTaxi.  Full Article 

Aereo Bankrupt

Aereo Bankrupt

Aereo files for bankruptcy  Full Article 

Cyber Spying

Cyber Spying

U.S. accuses China of cyber spying on American companies  Full Article 

Tech Workers

Tech Workers

Obama's immigration tweaks leave Big Tech wanting more.  Full Article 

Net Neutrality

Net Neutrality

FCC chief says U.S. Internet rules must stand up to lawsuits  Full Article 

New Amazon Service

New Amazon Service

Amazon plans ad-supported video streaming service - NY post  Full Article 

Travel Technology

Travel Technology

Airlines eye tech partners to tap customer data  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage