In a move timed to offset the big Apple Music launch earlier this week, popular music streaming service Spotify has finally closed its latest financing round.
Sweden’s main carrier, Telia Sonera, announced today that it is investing $115 million for a 1.4 percent stake in the company.
Spotify on a smartphone
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Reports have revealed that among the investors is Sweden’s main carrier, Telia Sonera, which today announced that it is investing $115 million for a 1.4 percent stake in the company.
Sources say Telia Sonera is the only company making a public confirmation of investment at this point. Prior to the carrier’s announcement, the Wall Street Journal reported, citing sources, that the full round is worth $526 million at an $8.53 valuation.
While Telia Sonera’s stake values Spotify at around $8.2 billion, sources say that the higher valuation and total round size are both accurate.
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Meanwhile, Techcrunch also confirmed most of the investor list reported by the WSJ. One investor reportedly involved, Abu Dhabi’s sovereign-wealth fund, is not investing after all.
British asset managers Baillie Gifford, Landsdowne Partners and Rinkelberg Capital; Canadian hedge funds SenvestCapital and Discovery Capital Management are also in the round; as are Halcyon Asset Management, GSV Capital, D.E. Shaw & Co., Technology Crossover Ventures, Northzone, P. Schoenfeld Asset Management and Goldman Sachs.
