Spotify eyes $100 million funding from DST: report (Reuters)
MOSCOW (Reuters) – cyberspace music service Spotify is in the process of closing at least $100 meg finance led by venture firm DST, according to popular profession journal TechCrunch.
The care would continuance the Swedish start-up at around $1 billion, TechCrunch said citing unnamed sources, and add to DST's portfolio of ethnic networking companies including Facebook, the world's No. 1 ethnic network; Zynga; and Groupon.
DST declined to comment.
DST originator Yuri Milner -- who also chairs recently floated Mail.Ru Group -- said in November DST was seeking to invest in companies that typically hit a $1 billion-dollar plus valuation, are in the "social cyberspace space," and crapper be settled anywhere in the world.
Spotify, whose investors allow Hong Kong billionaire Li Ka-Shing, offers streamed access to jillions of music tracks, which consumers crapper also buy. It has over 10 meg users in Europe, and is soon due to expand to the United States.
(Reporting by Anastasia Teterevleva; writing by Maria Kiselyova; Editing by Hans Peters)
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