Spotify Picks Up $100 Million; Coke Reportedly Key Investor
Beverages giant said to kick in $10 million
Digital music service Spotify has acquired around $100 million in new funding, a source close to the situation told Adweek this afternoon (Nov. 14).
The source wouldn't name investors. But a story by The New York Times says that Coca-Cola is responsible for $10 million, while $50 million is coming from Goldman Sachs and $15 million from Fidelity Investments. Other potential players in the round of funding were not disclosed by the Times' report.
Six-year-old Spotify, which declined to comment, is now valued at roughly $3 billion.
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