Deezer is seeking 50 million to 100 million Euros ($67 million to $134 million) and a new international partner according to a report at French newspaper Les Echos.
Expansion of a subscription service requires both capital and local partners. The French subscription service now operates in France, U.K. and Belgium. It has partnered with mobile carriers Orange in the UK and Belgacom in Belgium. The need for additional funding seems clear: the company announced in November its plans to launch in 130 additional markets.
For the time being, however, the company is purposely avoiding the U.S. and Japan, the two biggest recorded music markets in the world. "We've taken the strategic view not to try and establish ourselves in the U.S. in the short to medium term," managing director of Deezer U.K. Mark Foster told Billboard in December, adding that Japan would require similar costs.
Deezer has received funding from AGF Private Equity, IDInvest Partners and CM-CIC Capital. The Les Echos report says Orange, which owns a stake in the company, will not provide the additional funding it currently seeks.
Like its U.S. peers, Deezer has both free and paid tiers. It claims to have 747,000 unique visitors per day, 15 million registered users - 12 million of them in France - and 2.5 million opt-in emails, according to the company's website.