By: Gigaom
November 14, 2012 at 15:08 PM EST
Spotify gets $100M, including $10M from Coca-Cola
Want a coke with that $3 billion valuation? Spotify apparently does: The company just raised an additional $100 million in funding, with Coca-Cola being one of the more notable new investors. Coke has been experimenting with digital music for some time.

Spotify has completed a new round of financing totaling $100 million, according to a report from the New York Times. The round, which values the company at $3 billion, reportedly includes a couple noteworthy new investors: The Coca-Cola company chipped in $10 million, and Fidelity Investments is bringing around $15 million to the table. Goldman Sachs’ share of the new investment is about half, and the remaining $25 million came from existing investors, according to the Times. A Spotify spokesperson declined to comment when contacted by GigaOM.

There had been a number of reports about Spotify seeking new financing in recent weeks, including some that pointed to a high likelihood of Coke being involved. The soda maker struck a first partnership with Spotify in April, which included Spotify powering Coke’s music sites and Coke adding Spotify to its Facebook presence. Coke also sponsored a Spotify music hackathon in New York earlier this year.

This isn’t the first time Coca-Cola is trying its luck at digital music: The company launched its own download store dubbed MyCokeMusic in the UK and other countries in 2004, but the endeavour was hampered by its use of Windows media DRM, and eventually closed down in June of 2006.

The new round of funding brings the total amount of money raised by Spotify to $288 million.

Image courtesy of Flickr user Erik Pitti.



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