Investors fortify Spotify with $525m Apple Music war chest
Music streaming service Spotify is now valued at $8.5bn after raking in an impressive half a billion dollars in its latest funding round.
Quick on the toes of Apple revealing its long awaiting music streaming service Apple Music, a rival with the spending power and established infrastructure to give Spotify the what-for, the Swedish firm has bolstered its reserves by a respectable half a billion dollars, according to the Wall Street Journal.
Investors in the latest funding round include Baillie Gifford, Landsdowne Partners, Rinkelberg Capital, Senvest Capital and Discovery Capital Management.
The valuation is a significant surge from September 2014’s $5bn price tag, with the company raising over $1bn since it was founded in 2006.