The popular music streaming service Spotify, while continuing its growth plan is now looking for an aggressive market growth for itself – and to do so, the platform seems to be raising more money to reach out to its targets.
According to a report published in Swedish financial paper Dagens Industri, Spotify is looking for backers at $5.27 billion valuation.
The report also added that its two founders Daniel Ek and Martin Lorentzon are not planning to relinquish any more part of their company, as the raised money will come in the form of a loan rather than offering any stake against the deal.
Earlier in last year’s 100 million funding round, where about half of the funding money came from Goldman Sachs, with Coca Cola putting in 10% and Fidelity 15% the company reached to a total valuation of $3 billion. Up from $3 billion, it has now reached to a $5.27 billion valuation mark in just 10 months time.
Up till now, the company has raised around $288 million.
To stand apart from the crowd Spotify has introduced some new features and functionalities including ‘Spotify Connect‘ that allows premium subscribers to stream Spotify content to their Wi-Fi compatible speaker systems, among other things. Last month it introduced curated playlists through the new ‘Browse’ functionality. The platform has also launched its new Electrospective Spotify app, a few days ago.
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