Coke, Fidelity And Goldman Sachs Pour $100 Million Into Spotify
November 15, 2012 at 3:07 AM (PT)
SPOTIFY gets an injection of cash, as COCA-COLA is becoming a minority investor in the webcaster. This new round of financing will bring in $100 million to the company. THE NEW YORK TIMES reports, "SPOTIFY has completed the financing round, according to one person with direct knowledge of the deal. Of the $100 million, half is from GOLDMAN SACHS, and COKE is contributing about 10%. Another new investor, FIDELITY INVESTMENTS, is also said to be chipping in about 15% of the financing round, with the remaining quarter coming from SPOTIFY's existing investors, according to another person briefed on the deal. Both people spoke on condition of anonymity because the deal was private."
In early OCTOBER (NET NEWS 10/12), ALL ACCESS tipped you to the financing round, and reported that under the terms of the deal reached between SPOTIFY and COKE earlier this year, SPOTIFY will provide the underlying technology for COCA-COLA's music platforms around the world.
A spokesman for SPOTIFY declined to comment to THE TIMES, and representatives at COCA-COLA did not immediately respond to a message seeking comment.