Access Industries, a Russia-based industrial conglomerate that owns Warner Music, and venture capital firm Idinvest are investing €100m ($130m) into France-based music streaming startup Deezer in the country’s largest venture round.
A quarter of the money will be used to buy out former sharesholders, which has included local mobile phone operator France Telecom-Orange with an 11% stake.
Deezer previously raised nearly $20m in its first two rounds in 2008 and 2009, according to data provider CrunchBase, from Idinvest and CM-CIC, the then venture unit of local bank Credit Mutuel.