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Business News Digital
US bank reportedly provides much of Spotify’s new $350 million in investment
By Chris Cooke | Published on Tuesday 5 May 2015
Spotify has reportedly secured another $350 million in its previously reported new round of fundraising, new investment that gives the streaming firm an $8 billion valuation.
According to CNBC, the bulk of that cash comes from clients of Goldman Sachs, which was hired to lead the financing round. The new money – which could seemingly still be added to by new UK-based investors – will help fuel future expansion of the service, and put off any IPO for a while.
Although still a strong market-leader in the fully on-demand streaming space, Spotify continues to lead a challenging market and, of course, faces new competition this year from Apple, Google and Jay-Z’s c’leb mates.
