Spotify Raised Over Half A Billion Dollars in Latest Round of Funding

The announcement of Apple’s streaming service may have been making headlines all throughout the entire week, but the current reigning champion of streaming, Spotify, is still on a notable rise. Right after Apple’s declaration, Spotify was reported to have raised $526 million in its latest round of funding — $126 million above their $400 million goal — and the company is now valued at $8.53 billion. The list of investors include British asset managers Baillie Gifford, Landsdowne Partners and Rinkelberg Capital, Canadian hedge funds Senvest Capital and Discovery Capital Management, and also Nordic Telecom operator TeliaSonera. Users have also seen a drastic increase: it has grown from 10 million paying subscribers and 40 million active users in May 2014 to over 20 million subscribers and 75 million active users a year later. We’re keen to see Apple Music’s affect this after its June 30 launch.