Spotify has raised around $350 million in a new round of fundraising, according to CNBC.

The service was previously valued at $8 billion and boasts 60 million monthly users, 15 million of whom are paying subscribers.

Goldman Sachs, investing through a vehicle serving institutional clients, led the fundraising, but new investors may yet choose to take part as last week only marked the “first close” of the round.

Spotify currently has around a 25% conversion rate for turning its free ...