Deezer, a Paris, France-based global music streaming service, completed a capital increase of €160m from new and existing investors.
The round – which valued Deezer at €1 billion – will enable the company to accelerate its growth.
Backers included Kingdom Holding Company and Rotana Group, the Middle East’s leading diversified media company, led by Chairman HRH Prince Al-Waleed bin Talal, Access Industries, Orange and LBO France.
Alongside the private placement, Rotana and Deezer have also signed an exclusive long-term agreement to distribute Rotana’s digital audio and video content in the Middle East and North Africa (MENA) region. The distribution agreement covers entertainment markets including Egypt, Saudi Arabia, Turkey and the United Arab Emirates.
Founded in 2007 and led by Hans-Holger Albrecht, CEO, Deezer is a music streaming service that gives people access to a large and diverse global music streaming catalog on any device, including smartphone, tablet, PC, laptop, home sound system, connected car or smart TV. Available in over 180 countries worldwide, the service has 14 million monthly active users around the world and a catalog of 53 million tracks.
The company has offices in Berlin, London, Moscow, Miami and São Paulo, as well as in other key markets around the world.