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After Cancelling IPO, Deezer Raises $109 Million

PARIS, France (Hypebot) – One of Spotify's biggest rivals, Deezer looked like it was in a bit of trouble after cancelling its IPO and some unflattering questions about user counts last year. Today, the France based music streamer roared back with some major new funding from some powerful partners.

France based music streaming service Deezer has raised 100 million EU ($109.3 million USD) in a new round of funding. The company had previously raised $150 million USD in 3 rounds.

Leading the new round were two useful allies: Access Industries, which also own Warner Music Group and Orange, the international telecommunications giant.

"(This funding) shows the confidence of the shareholders and shows their belief in the (streaming) market," Deezer's CEO, Hans-Holger Albrecht told CNBC. "Considering the market conditions we're in right now and going forward, it gives us a competitive edge as well, which is important."

Deezer, which offers both free and paid tiers, boasts 26 million users worldwide. The streamer has recently been broadening its offerings beyond music to include podcasts and audiobooks.