Spotify to raise US$500m in convertible debt issue
New York
SPOTIFY is looking to raise at least US$500 million in new funding to continue its global expansion and compete with powerful outlets like Apple, Pandora and Google, according to a person briefed on the company's plans.
Spotify, whose free and paid subscription plans have been a major driver of the rise of streaming music, has raised more than US$1 billion since the company was founded in 2006 and was last valued by its investors at US$8.4 billion.
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