PARIS: Global music streaming platform Deezer said on Thursday (Aug 2) it had raised €160 million (US$186 million) in fresh funds from investors, including the Saudi sovereign fund Kingdom Holding Company (KHC), and French telecoms giant Orange.The cash injection takes Deezer’s valuation past the €1 billion mark, it said.”Big news! We are raising EUR160 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… Read full this story
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