Music streaming giant Deezer has raised $185 million from both new and existing investors. The Paris based streaming service announced that the cash injection took Deezer’s valuation past the €1 billion mark.
Earlier, Deezer had struck a partnership with Dubai based media company, Rotana Group for distributing Rotana’s content across North Africa and Middle East including Saudi Arabia, Egypt, Turkey and the United Arab Emirates.
Hans-Holger Albrecht, CEO, Deezer, quoted, “The new funding enables us both to accelerate our expansion in fast growing international music markets and strengthen our positions in key territories. The exclusive long-term distribution agreement also provides us with a unique opportunity to build future market leader positions in exciting markets.”