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Spotify seeks new funding, wants to raise $100 million at a $3 billion valuation

Spotify looks to raise $100 million in funding at an evaluation of $3 billion

By Anthony Garreffa on Nov 12, 2012 at 02:31 am CST - 0 mins, 47 secs reading time

I have no idea why Google haven't acquired Spotify to combat against iTunes yet, but the music streaming and discovery service is looking to raise $100 million in a financing round that would see the company valued at $3 billion.

Spotify seeks new funding, wants to raise $100 million at a $3 billion valuation | TweakTown.com

Spotify is hoping to raise new funds from a bunch of investors, including Goldman Sachs. If the report is true, we're looking at a valuation target 25% lower, as earlier reports had them pegged at seeking $200 million on a valuation of $4 billion.

Reuters has reported that Spotify has already raised around $189 million in funding in previous financing rounds from Kleiner Perkins Caufield & Byers, Accel Partners and more. Spotify, since its launch, has grown into a formidable competitor in the music industry, and is proud to be the number two source of revenue from the major record labels, only behind Apple's iTunes.

Spotify has deals cranking along with Yahoo, as well as music marketing deals with AT&T, Reebok and Intel.

Last updated: Nov 30, -0001 at 12:00 am CST

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:electronista.com

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