Deezer has raised €160 million from a mix of new and ongoing investors. The deal brings the Paris-based streaming company’s total valuation to €1 billion. Deezer will use the money to advance its plans for expansion. Investors for the round include Kingdom Holding Company, Rotana, Access Industries, Orange, and LBO France.
In addition to the fundraising, Deezer and Rotana have inked a deal that will see Rotana’s digital audio and video content distributed through the Middle East and North Africa. The deal covers Egypt, Saudi Arabia, Turkey, and the United Arab Emirates. Rotana is a diversified media company with more than two decades of experience in Arab music production and distribution. Its library includes more than 13,000 full-digitized tracks and 2,000 video clips.
“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,” Deezer CEO Hans-Holger Albrecht said. “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.”
“The investment of Kingdom Holding and Rotana Group in Deezer represents one of the many premium investments that we have always sought for our shareholders and the signing of the distribution agreement will move Rotana to the international arena,” said Prince Al-Waleed bin Talal bin Abdulaziz Al Saud, who is chairman of the board of directors for KHC and chairman of Rotana Group.