Deezer Raises $100M After Icing IPO


DeezerLogo#2Streaming service Deezer has raised more than $100 million in a new round of funding.

The company said Wednesday it closed on the round led by Access Industries with participation from French telecom Orange. The funding will go towards continuing international growth and adding more products and music to its service.

Deezer filed paperwork to go public in September, and had planned to raises as much as $400 million. But the company cancelled the IPO a few weeks later. At the time the company thought it was better to raise private money instead of going public.

Deezer launched in 2007 and claims 6 million paying customers; that compares to rival Spotify, which raised $526 million at a $8.53 billion valuation over the summer and claims 20 million paying customers.