According to Russian business newspaper Vedomosti (via Quintura), star investor Digital Sky Technologies has set up a new fund dubbed DST Global – 2. The fund has already made investments in Groupon (January 2011) and is close to investing $50 million in exchange for 5 percent of online music startup Spotify as part of a $100 million round, according to the paper.
You may remember we broke the news that DST was indeed about to lead a huge financing round for Spotify back in February.
Update: Fortune reported that DST was to raise a ‘giant venture capital fund’ back in December 2010.
In other news, DST has also joined a group of investors who’ve put hundreds of millions of dollars into 360buy.com, a Chinese online retailing powerhouse often dubbed China’s Amazon.
Another report says 360buy is securing $1 billion in financing in total and plans to IPO in 2013, which indeed sounds like a company right up DST’s alley.
Interesting sidenote: the DST Global – 2 fund this time includes international investors (“Western funds”) as limited partners, according to Vedomosti’s report.
We’re digging for more information and will update when we learn more.
Further reading: DST’s Yuri Milner Buys $70 Million Home In Silicon Valley
Spotify has created a lightweight software application that allows instant listening to specific tracks or albums with virtually no buffering delay. It was launched in the fall of 2008 and had approximately 10 million users by September 2010. Spotify offers streaming music from major and independent record labels including Sony, EMI, Warner Music Group, and Universal. Users download Spotify and then log onto their service enabling the on-demand streaming of music. Music can be browsed by artist, album, record...
360buy(www.360buy.com) is the largest 3C online retailer of the B2C market in China and it is one of the most popular and powerful E-Business websites with around 10,000,000 registered users in Chinese E-Business field. (3C stands for Computer, Communication, and Consumer Electronic)
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