LONDON - Spotify, the online music service, has secured investment from one of the world's richest individuals, Asian billionaire Li Ka-shing.
According to a report by business magazine Forbes, the Li Ka-shing Foundation confirmed it was participating in Spotify's latest financing round for a minority stake. However, the foundation would not confirm the size of the investment.
The Li Ka-shing Foundation was unavailable for comment. Spotify did not return calls.
Earlier reports have suggested Spotify was seeking to raise about $50m in new finance, as it looks to continue its international expansion, possibly with a US launch.
Li Ka-shing is often labelled as the richest person of East Asian descent in the world and regularly features among lists of the top 20 richest people in the world, with an estimated wealth of well over $15bn.
He is also chairman of the telecoms giant Hutchison Whampoa, which, among other services, is the operator of mobile phone network 3.