By Ronan Shields

Spotify has raised $1bn in convertible debt according to reports as competition in the online music streaming sector heats up.

The Wall Street Journal yesterday (29 March) reported that the online music-streaming service raised the funding round from investors including private equity firm TPG, hedge fund Dragoneer, plus Goldman Sachs clients, citing sources close to the deal.

Spotify has since confirmed the deal, with the financial services title additionally reporting the terms of the financing round mean that investors will be able to convert the debt into equity at a 20 per cent discount should the Sweden-based company make an Read full story ›

Source: The Drum