Music streaming service Spotify has completed a funding round raising around $100 million in investment, a source close to negotiations confirms, bringing its overall valuation to around $3 billion.
According to the New York Times, Coca-Cola will become a minority investor in the company, along with funding from Goldman Sachs and Fidelity Investments, though neither Spotify nor Coke had any comment on these reports.
Spotify, which was founded in Sweden and launched in the U.S. in 2011, raised around $100 million from capital investors last year and also counts various record labels and Euro org Merlin among its minority investors.
Coca-Cola has crossed paths with Spotify before, most notably announcing a marketing partnership in the lead up to the London Olympics (Daily Variety, April 18).
With a user base of 15 million, Spotify recently launched in Ireland and Luxembourg, bringing its active territory count to 17.
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