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Music Service Deezer Raises New $110 Million Round of Funding After Scrapping IPO

Paris-based music streaming service Deezer has raised a new €100 million (about $100 million) Series E round of funding led by Access Industries, with participation from French telco giant Orange. The new round of funding comes three months after Deezer postponed a public offering that would have raised as much as $400 million, and brings the total raised by the company so far to around $250 million.

Deezer used the funding announcement to also tout an expanded music library, which now encompasses 40 million tracks — more than Apple Music, Spotify or any of its other competitors, according to the company. However, Deezer didn’t offer any updates on its paid subscriber count, saying in a press release that it had “over six million subscribers worldwide.” Back in June of 2015, Deezer pegged its subscriber count at 6.3 million in an IPO filing, according to Bloomberg.

This comes as Apple Music reportedly has surpassed 10 million paying users in just half a year since its launch. Industry leader Spotify has more than 20 million paying users worldwide.

Deezer wants to use the new funding to “increase customer acquisition efforts around the world, accelerate the introduction of new products, features and growth initiatives,” according to a news release. This could potentially include a full-fledged launch in the U.S., where Deezer currently us only available to owners of Bose and Sonos speaker systems, as well as some mobile subscribers.

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