Spotify Raising Funds

Sources reportedly close to the matter told the New York Times the company has raised nearly $400 million, which would place Spotify’s valuation at more than $8 billion. Investors in the round included an arm of the Abu Dhabi government, a division of Goldman Sachs and other notable hedge funds and money management firms, the sources said.

If the round closes, Spotify would sit among the ranks of some of the highest valued tech companies around such as Uber or Airbnb, the Times noted.

The funds could come in handy. Spotify recently scored some new competition in the form of Tidal, the artist-owned streaming service backed by Jay Z.