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.
- 1 If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
- 2 Moscow voted the world's unfriendliest city
- 3 Idris Elba is ‘too street’ to play 007, says James Bond author
- 4 Pansexual: What is it - and when did the term gain popularity?
- 5 I'm pansexual – here are the five biggest misconceptions about my sexuality
Bono's group has made more money from Facebook investment than from all his music
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Auschwitz museum defends mist showers installed during heat wave after visitor complains they are reminiscent of gas chambers
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Nazi 'gold train': Fire engulfs suspected location of vehicle in Poland
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...
£15000 - £20000 per annum: Recruitment Genius: An experienced Repayments Advis...
£25000 - £30000 per annum: Recruitment Genius: This leading provider of financ...
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...