A week after streaming music company Deezer announced that it had raised another $109 million from existing investors, news has leaked out that its bigger rival Spotify is raising again, too. The Stockholm-based company whose music streaming service works in 58 countries is seeking to pick up an extra $500 million from investors in the form of convertible notes, according to a report in Swedish newspaper Svenska Dagbladet (in Swedish) that we have also confirmed with sources. The investment would turn into discounted shares in the company were it to go public.
Source: Spotify Is Raising Another $500M In Convertible Notes With Discounts On IPO Shares | TechCrunch