Spotify raises £250 m backed by Silicon Valley firm ahead of Japanese launch
The fundraising values Spotify at $4 billion as company announced expansion plans in the US and Japan
Friday 22 November 2013
Music service Spotify has raised $250 million in new funding backed by Silicon Valley venture firm Technology Crossover Ventures
The cash will reportedly be used to boost Spotify’s US business and launch the service in Japan.
The fundraising values Spotify at $4 billion, according to the Wall Street Journal, and takes the total raised by the start-up to over $400 million.
Spotify, which employs over 100 people at its Soho offices, lets users stream music over the internet. It offers a “freemium” service whereby users can listen to 10 hours a month with adverts or pay a monthly fee for unlimited, ad-free listening.
Spotify is available in 32 countries and has 24 million users and six million subscribers. It has signed deals with major record labels including Sony, Universal and EMI, and has paid out $500 million in royalties.
Spotify’s revenue more than doubled to €434 million (£362 million) last year, although investment and expansion meant losses widened.
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