Spotify is receiving love from everyone these days, including Coca-Cola and Goldman Sachs, two of the company’s that invested in a new $100 million funding round with the company on Wednesday. Spotify now has a market value between $3 billion to $3.25 billion.
According to an insider source nearly half of the $100 million is coming from Goldman Sachs while Coca Cola invested 10% for a $10 million show of confidence. Also investing 15% of the $100 million funding round is Fidelity Investments.
While Spotify is declining to comment on the $100 million funding round, recent news suggests that the company surpassed $200 million in revenue for the first half of 2012 with $500 million expected before the end of the year. With those types of numbers it was only a matter of time before new investors came forward.
Coke announced in April that it would expand its marketing partnership with Spotify, Coca Cola at the time did not give further details of the upcoming partnership.
Coca Cola is a $162 billion business but its investments in technology have been rather small outside of free music downloads and the occasional special offer from partners.
With more than 15 million users around the world and 4 million paying subscribers Spotify is by far the leader in its industry, the question now will be whether or not Spotify can use its new funding round to finally turn a profit. Even with $500 million in 2012 revenues Spotify is still estimated to love upwards of $60 million.