Spotify Twists the Cap to Refreshment With $10 Million From Coke in Funding Round

Patrick Clark — Wed, 14 Nov 2012 15:50:03 -0400

There's nothing that says a soft-drink maker can't take a stake in a music streaming service, is there? Good. Because Coca-Cola is investing about $10 million in Spotify, according to The New York Times, as the digital music company closes a $100 million round.

The Times has more details on the new funding round, which is said to value Spotify at about $3 billion:

Of the $100 million, half is from Goldman Sachs, and Coke is contributing about 10 percent. Another new investor, Fidelity Investments, is also said to be chipping in about 15 percent 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.

Spotify, wich was founded in Sweden in 2006, raised $100 million from DST, Kleiner Perkins and Accel last year.

While word that Coke might be among the new investors in Spotify was reported last month, the soda maker's interest in streaming music surfaced as early as this spring, when it said it was working with developers on a Spotify app.

Betabeat » Spotify Twists the Cap to Refreshment With $10 Million From Coke in Funding Round

Spotify Twists the Cap to Refreshment With $10 Million From Coke in Funding Round