The Wall Street Journal is reporting that streaming music service Spotify has raised $250 million in funding. Technology Crossover Ventures is believed to be the only investor in this round, according to TechCrunch. Spotify will receive a valuation of $4 billion based on these terms. Spotify will be using the funding to push for international growth.
Spotify already exists in the U.S. and throughout Europe so now they are pushing for Asia. Japan is one of their next targets. Spotify aggressively competes against public company, Pandora Media.
Spotify generated more revenue last year than Pandora. Spotify generated about $585 million and Pandora hit around $427 million. Last year, Spotify raised over $100 million from multiple investors with a valuation greater than $3 billion.