Spotify is embarking on a new funding round that would value the online music streaming service at up to $4bn, according to a new report.
The New York Times reports that the streaming company is on track to raise about $220 million and global investment banking and securities firm Goldman Sachs is reportedly to lead the round with around $100 million.
Spotify, which is still in discussions with several major venture capital firms, may change the size of the financing round, depending on demand.
Founded in Sweden in 2006, Spotify currently has roughly 19.9 million monthly active users, according to AppData, a data service that tracks the popularity of Facebook applications.
In an interview last month with the Swedish newspaper Dagens Industri, chief executive, Daniel Ek, said that the company could record $889 million in revenue this year.
Last February, the company raised about $100 million, in a financing round led by the venture capital firm Kleiner Perkins Caufield & Byers and DST Global, the Russian investment firm, in a deal that valued the company at $1 billion.
