Spotify, one of the world’s largest music streaming services, is close to raising $200 million in new funding, according to a report from Sky News.
Funding is said to come from VC firm Technology Crossover Ventures, which has also invested in Facebook, Groupon and Netflix.
From Sky News:
The talks between TCV and Spotify have not yet been finalised, although the two sides are understood to be close to reaching an agreement about an investment. One insider said the new fundraising was likely to total in the region of $200m (£125m). It was unclear on Thursday exactly how big the stake being acquired by TCV in Spotify would be or at what price the transaction would value the music service.
Back in March, the music streaming service announced it had 24 million active users, and six million paying subscribers.
If Spotify can raise $200 million in new funding, it would give the service a valuation of over $5.2 billion.