February 21, 2011

DST Looking To Invest In Spotify

According to technology blog TechCrunch, Internet music service Spotify is in the process of closing at least $100 million financing led by venture firm DST.

TechCrunch said, citing unnamed sources, that the deal would value Spotify at about $1 billion.  This deal would add to DST's portfolio of online companies including Facebook, Zynga and Groupon.

Yuri Milner, the founder of DST, said in November that the firm was seeking to invest in companies that typically have a $1 billion-dollar plus valuation, are in the "social Internet space," and can be located anywhere in the world.

Spotify offers streamed access to millions of music tracks, which consumers can also buy.

The Swedish start-up has over 10 million users in Europe, and is soon expected to expand to the U.S.

One of Spotify's investors include Hong Kong billionaire Li Ka-Shing


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