Spotify valued at $4bn as music service looks to Japan

Soho-based music streaming service Spotify has today been valued at $4bn (£2.5bn), as the firm raises funds for expansion into Japan.

Spotify has raised $250m in its latest round of fundraising, which has been led by Silicon Valley venture capital firm Technology Crossover Ventures, which was an early investor in Netflix.

The cash will be used to enhance the company’s US business, and for the company’s launch in Japan.

The firm is the latest tech company to hit headlines for attracting a multi-billion valuation in recent weeks, following Snapchat and Dropbox.

The company employs over 100 people in its Soho offices and also has headquarters in Stockholm. It is now available in 32 countries, has 24 million users and six million subscribers.

This year Daft Punk’s single Get Lucky became the most-streamed song on the service in a 24-hour period, clocking up over 1.5m plays.

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