Spotify, one of the most popular music streaming services available today, has raised a new $350 million round of funding, according to a new report today.
Not including the new funding, Spotify had a valuation of $8 billion, according to the CNBC report, citing unnamed sources. The company’s previous funding round from 2013 of $250 million put the valuation at more than $4 billion.
Goldman Sachs is among Spotify’s backers in the new round, according to the report.
Spotify did not immediately respond to VentureBeat’s request for comment.
The news comes just a day after music streaming service Grooveshark shut down and directed people to use Spotify, among other remaining music streaming services.
Based in Stockholm, Spotify started in 2006 and launched in the U.S. in 2011.
In January the company said it had 60 million active users, with 15 million of them paying. The premium service costs $9.99 per month.