Spotify Picks Up "Substantial" Investment From Founders Fund

pulled in another “substantial” round of venture funding, according to multiple reports this morning.

TechCrunch first broke the news that the Founders Fund had made an investment in the popular, but not-available-in-the-US-yet peer-to-peer music streaming service.

TechCrunch believed that the investment might have been for a “token” amount, to get Founders Fund’s Sean Parker a seat on the board.

Not so, according to a follow-up from GigaOM. Om Malik’s sources say that the funding is a “substantial” investment of “as much as multiple millions of dollars.” Spotify’s last round of funding, from Wellington Partners, Li Ka Shing Foundation, and Klaus Hommels, reportedly set the startup’s valuation over $270 million.

Spotify has refused to comment on these reports.

Spotify is a big hit in Europe, and is looking to gain a foothold in the U.S. The Founders Fund would be the company’s first American investor, obviously an asset in that effort.

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