Global music streaming platform Deezer said Thursday it had raised 160 million euros ($186 million) in fresh funds from investors, including the Saudi-based Kingdom Holding Company (KHC), and French telecoms giant Orange.
The cash injection takes Deezer’s valuation past the one billion euro mark, it said.
“Big news! We are raising €160 million from new and existing shareholders,” the company tweeted.
The funds will be used to finance the acceleration of its development, it said, and strengthen its presence in its key markets such as France and Latin America, CEO Hans-Holger Albrecht said in a statement.
Deezer also said it had signed an exclusive agreement with Rotana, a KHC-owned label with a strong presence in the Near and Middle East with a view to distributing music and video content in the Middle East and North Africa.
Deezer, founded in 2007, says it has 14 million active users and a catalogue of 53 million music tracks available in 180 countries.
That makes the site, founded by Frenchman Daniel Marhely, the world’s third-biggest music streaming service after leader Spotify of Sweden and Apple Music.
But more competition is underway, including from Google’s video platform YouTube which has launched a premium music streaming service, from Amazon via its Prime offering, and even from car maker Tesla which wants to enter the streaming market which experts say is now the engine of the entire music industry.
International music sales rose robustly for the second straight year in 2017 to show growth not seen in two decades thanks to the rapid adoption of streaming, industry body the International Federation of the Phonographic Industry reported in April.
more recommended stories
Ellington honour’s beating out of DT1 private pinnacle
Ellington, Dubai’s driving structure drove property.
UAE-based Petro-chem eyes Saudi chemical organization acquisitions
UAE-based Petrochem Middle East intends to.
TAG Heuer chooses Shadani Consulting as new PR office for the Middle East
Swiss watchmaker TAG Heuer delegated Shadani.
Costa Rica attempting to draw in Gulf sightseers, says Minister
The legislature of Costa Rica attempting.