There have been rumours that Spotify is looking to raise more funding for several months now, but Sky News yesterday put some flesh on the bones of the speculation. Its report claimed that the streaming service is in talks with Silicon Valley firm Technology Crossover Ventures (TCV) about a round as high as $200m, with the two companies thought to be “close to reaching an agreement about an investment”. TCV would be an interesting choice of investor: it has also invested in Facebook, Netflix and Groupon, focusing on “leading growth technology companies”. It has raised $7.7bn since its inception and promises “supportive partnerships typically lasting several years, we back founders and businesses we believe in, helping them to grow well”. Patience that will come in handy in the brutal world of digital music business models. For now, neither Spotify nor TCV are commenting on the reported negotiations.
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Tools: Kaiber
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