Spotify to Raise $400M in Funding; Set to Be Most Valued Nordic Startup

image source: mshcdn

image source: mshcdn

Online music streaming service Spotify, has delayed an IPO exit as it’s all set to enter the 7th round of funding. Investors Goldman Sachs and Abu Dhabi’s Sovereign Wealth Fund have committed to a $400 million round which will conclude in coming weeks.

The deal is set to close very soon, which will raise the valuation of Spotify to $8.4 billion.  It is close enough to match Skype’s $8.5 billion, making the Spotify the highest valued startup in entire Nordic region, according to GeekTime.

The new valuation of $8.4 billion is a drastic increase from last years $5 billion, which also puts Spotify ahead of its competitor Pandora ($3.6 billion) by more than twice in terms of valuation.