Spotify AB, a Stockholm, Sweden-based music streaming company, secured approximately $250m in new funding.
The round was led led by Technology Crossover Ventures.
The transaction brings Spotify’s value to over 4bn according to WSJ, which firstly reported the news (read here).
The company will use the funds to continue to expand globally.
Co-founded by Daniel Ek, CEO, and Martin Lorentzon, Chairman of the Board, Spotify allows users to discover, listen to and share music on computers, mobile devices, tablets, and home entertainment systems.
With a catalog of over 20 million songs, the service has over 6 million paying subscribers over 24 million active users in USA, UK, Australia, New Zealand, Germany, Sweden, Finland, Norway, Denmark, France, Spain, Austria, Belgium, Switzerland, The Netherlands, Ireland, Luxembourg, Italy, Poland, Portugal, Mexico, Singapore, Hong Kong, Malaysia, Lithuania, Latvia, Estonia, Iceland, Greece, Turkey, Argentina, and Taiwan.