September 5, 2013 / 9:49 PM / 5 years ago

Music streamer Spotify seeks new financing: report

STOCKHOLM (Reuters) - Music streaming web service Spotify is looking at different ways to raise capital for further growth, Swedish daily Dagens Industri reported in its Friday edition, citing sources.

Spotify would not necessarily issue new shares and is considering issuing debt, the report said. It did not say how much money Spotify was seeking to raise.

One of the paper’s sources put Spotify’s valuation at around 35 billion Swedish crowns ($5.2 billion), compared with around 20 billion in November last year.

In July, documents showed the Stockholm-based unlisted company more than doubled revenues in 2012 to 435 million euros($571 million), while its net loss increased to 58.7 million euros.

Reporting by Sven Nordenstam; Editing by Cynthia Osterman

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