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Spotify set for $3 billion valuation

  • A new round of financing could see music streaming company Spotify valued at $3 billion, according to a report by the Wall Street Journal.

    Spotify is currently in the process of raising $100 million, with Goldman Sachs named as one of many potential investors.

    The company has raised capital from outside investors several times since it was set up in 2006. It was earlier reported to have been seeking a capital boost of about $200 million, at a valuation of about $4 billion.

    Kleiner Perkins Caufield & Byers, Accel Partners along with others have invested around $189 million in the company in its prior financing rounds.

    Spotify boasts over 15 million active users and 4 million paying subscribers for its on-demand service, which offers unlimited music streaming of around 18 million tracks.