Pursuits
Deezer Raises $109 Million in Music Race With Spotify, Apple
- Len Blavatnik's Access Industries leads latest funding round
- Streaming service has over 6 million subscribers worldwide
The Deezer app.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Deezer SA, which called off a planned initial public offering in October, raised 100 million euros ($109 million) from a group of investors led by billionaire Len Blavatnik as the European music-streaming company tries to keep pace with Spotify Ltd. and Apple Inc.
Deezer will use the money for marketing campaigns and new features, according to a statement Wednesday. The company sought the funding after plans to raise $343 million in an IPO fell through. Blavatnik’s Access Industries invested 100 million euros in Deezer in 2012, and controls a piece of Spotify through its ownership of Warner Music Group.