Spotify Said to Raise $250 Million for Expansion Plans
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Spotify Ltd., the music streaming service, raised $250 million in financing led by Technology Crossover Ventures to back its expansion into new territories, including Japan, a person with knowledge of the terms said.
The financing also comes as Spotify is renewing agreements with record companies, including Vivendi SA’s Universal Music Group and Sony Corp., said the person, who asked not to be identified because an announcement isn’t planned. The funding brings Spotify’s valuation to more than $4 billion, the Wall Street Journal reported earlier today.