Spotify recently raised an additional $100 million in funding, which puts the company’s value in the $3 billion range, The New York Times said Wednesday. It’s great news for the streaming and music on-demand service, which is currently one of our favorite options on the market. So who are the new investors?
Apparently Coca-Cola contributed about $10 million – or one tenth of the new investment – $50 million was provided by Goldman Sachs and Fidelity Investments provided another 15 percent. It’s unclear where the additional 25 percent came from but sources speaking to The New York Times said it was a combination of funds provided by those who had already invested in the firm.
We wonder where Spotify will go next. The company clearly needs to work on its business model, since it lost $57 million last year despite having a global customer base of 15 million users. Only 4 million pay for its monthly service, however. Spotify’s competitors include Rdio, Pandora, Xbox Music, Mog and several other firms.
[via The New York Times]