Spotify is reportedly close to earning more than US$100m in funding by venture capital firm DST, valuing the music-streaming service at US$1bn.
According to TechCrunch, Spotify raised at least €82.3m to date.
The latest round of funding is led by DST, the firm that previously invested in Facebook, Groupon and Zynga.
The valuation could come just as Spotify has managed to sign deals with a number of major record labels. It signed a deal with both Sony and EMI.
However, it has yet to sign a deal with Warner Music or Universal. This funding could help give the service the boost it needs to crack the US.
The music-streaming service is popular in Europe, operating in countries such as the UK, Finland, France and Norway. It is currently unavailable in Ireland.