SWEDEN/UK - Wellington et al to back Spotify with futher USD 50m
Existing investors Wellington Partners, Northzone Ventures and Creandum is believed to be participating in a USD 50m round for music streaming service Spotify, led by the Hong-Kong based Li Ka Shing foundation.
Spotify was founded in 2006 by the two Swedes, Daniel Ek and Martin Lortenzon. It offers users to stream music online on demand. The songs are licensed from both independent and major labels. The service is financed by advertisements and allows users to stream music for free. An ad-free service is available for subscribers; so far however, the business has found that most listeners opt for the free service. Spotify recently launched an application for iPhone whereby users can stream music on their handset.
Spotify now employs 75 people in Luxembourg, London and Stockholm.
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