MUMBAI: Russian technology investor Yuri Milner is among the frontrunners to invest $100 million in the online music streaming company Spotify.
Spotify plans to raise $100 million of fresh capital that would value the Swedish startup company based in London at $1billion.
Milner has expressed intent to make the investment through his company, Digital Sky Technologies (DST).
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Industry analysts believe Spotify is planning to use the fresh financing to help it crack the North American market.
In 2009, DST bought a $200 million stake in Facebook in 2009 and is believed to have subsequently upped its stake to almost 10 per cent. It has also invested in a $180m fund-raising for Zynga, the maker of popular Facebook games such as FarmVille.
Spotify has raised ?70 million since its online music streaming service was launched in 2009.
