August 4, 2009 / 12:38 AM / 11 years ago

Spotify close to securing new investment - FT

LONDON, August 4 (Reuters) - Digital music service Spotify is close to securing new investment from high-profile investors including Hong Kong billionaire Li Ka-shing’s charitable foundation, the Financial Times reported.

The foundation, venture capital firm Wellington Partners and others are close to investing up to $50 million, which would value Spotify at $250 million, the paper said in its Tuesday edition, citing people familiar with the process.

Of this amount, Spotify is set to raise $20 million from Wellington and existing backers, the paper added.

Spotify, which is looking to raise money to expand in the U.S., also is talking to another strategic investor, the paper said. No-one at Spotify, Li-Ka-shing’s foundation or Wellington was immediately available for comment. (Reporting by Laurence Fletcher; editing by Carol Bishopric)

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