Deezer is seeking investment in a deal that could value the streaming service at around $1.1 billion.

The French company could raise funds through a private placement or initial public offering, reports Bloomberg. Deezer declined to comment.

Founded in 2007, Deezer had 16 million active monthly users and six million paying subscribers at the last official count.

Its most recent round of funding was completed in 2012, when the company raised €100m from billionaire Leonard Blavatnik’s Access Industries and ...