by Christopher Freeburn | November 15, 2012 11:25 am
Streaming music service Spotify has attracted $100 million in a new round of financing, which included Coca-Cola (NYSE:KO) taking a minority interest in the company, the New York Times noted.
Sources said that Coca-Cola contributed about $10 million to the latest round of financing, with Goldman Sachs (NYSE:GS) kicking in $50 million. The remainder came from Fidelity Investments and Spotify’s current investors.
With its new stake in Spotify, Coca-Cola is cementing a relationship that began back in April, when the two companies pledged to combine their worldwide marketing campaigns.
Spotify, which was founded in Sweden, but relocated to the U.S. last year, continues to lose money. It has atracted 4 million paying subscribers, and 15 million total users around the world. In 2011, the firm raked in $236 million in revenue, but posted a $57 million annual loss.
Still, with the latest round of financing complete, Spotify is currently valued at about $3 billion.
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