Music service Spotify has reportedly raised $526 million funding, which values the company at $8.5 billion.
The funding comes at the time when spotify has to openly fight with ‘Apple Music’ a new music service by Apple which is getting major media attention worldwide.
The round was reportedly closed on Tuesday taking the number of investors backing the company to 23. As per reports in WSJ, this round saw participation by investors such as Coca-Cola, Goldman Sachs Group, and Kleiner Perkins Caulfield and Byers and more.
Spotify was launched in 2008 in Sweden, and has raised over a billion in funding since inception. The company is a segment leader in music streaming, as its biggest competitor Pandora (Worth: $3.6 billion) isn’t worth half of what Spotify is. Though it will be also interesting to see how competition between Apple and Spotify shape up the future of digital music.