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Spotify to raise $100 mln at $3 bln valuation - report
November 10, 2012 / 2:11 AM / 5 years ago

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

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.

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

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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