Deezer Raises $185M, Enters Partnership With Saudi Arabia-Based Rotana
Funding from new and existing investors raises the streaming service's valuation to around $1.16 billion.
Deezer has raised $185 million from both new and existing investors, the Paris-based streaming service announced on Thursday (Aug. 2). This funding has raised the valuation of the company to around $1.16 billion.
This round of investors includes Kingdom Holding Company, Rotana Group, Access Industries, Orange and LBO France. Deezer has also entered into an exclusive long-term partnership with Rotana, a media leader in the Middle East, to distribute the Saudi Arabia-based company’s audio and visual content in the Middle East and North Africa.
“I would like to welcome our new shareholders KHC and Rotana to Deezer and I’m excited to work with them to take Deezer to the next level,” said Deezer CEO Hans-Holger Albrecht. “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.”
Rotana Audio CEO Salem Al Hindi added, "Rotana is the world's premier provider of award-winning Arabic music. We are now expanding our reach and distribution by partnering with Deezer, a leading global digital music streaming service, to deliver our high-quality music content to an ever-growing global listenership in the Middle East, North Africa and other regions around the world. While this agreement is mutually beneficial to both companies, Rotana's award-winning artists will reap the most benefit from this exciting new and expanded global platform."