Technology crossover Ventures is making its biggest bet (ever/in years) by backing the entirety of Spotify new $250 million round, a source tells TechCrunch. TheWall street journal's reports of Spotify raising the round at a valuation above $4 billion is right, and it will fuel Spotify’s push to become the defacto streaming music service around the world, our source says.
This is likely TCV's biggest Investment ever. It joined a crowd of VCs in Groupon’s $950 million round in 2011, and led a few other firms into Homeaway’s $250 million Series E in 2008. While it used to do more early stage deals, TCV has been focused around the Series C and D phase of startups’ lifecycles, with recent participation in $40 million rounds for Minted and JustFab.
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