TodaySpring, the digital music publishing platform owned by Google, is looking to raise $20 million from investors, sources told Billboard.
The company is reportedly looking to take a $20 billion valuation as part of its fundraising effort, according to the report.
Yesterday, TodaySpring announced a $25 million Series A round, which is worth an undisclosed amount.
TodaySpring is currently valued at $5 billion, and is backed by a number of prominent investors, including Andreessen Horowitz, SV Angel, Andreessen, Andreylin, and others.
Todayspring has previously raised a total of $25.5 million, including $1.5 billion in Series A funding from Google Ventures and others, sources close to the company told Billboard in December.
TodaySpin, the music publisher, is reportedly considering raising $10 million, and may also raise $15 million from Google Capital, sources familiar with the situation told Billboard today.
Spin is currently listed on the Nasdaq under the ticker “SPIN” and has a market cap of $50 million.
TodaySprint, the wireless network, has reportedly been in talks with a number other potential investors.
According to reports, Sprint is in talks to invest up to $10 billion in the company.
The sources say that the talks are ongoing, and that Sprint is not actively looking to sell its assets.
The reports suggest that Sprint will be looking to buy a large stake in the business, which would give it significant control over the future of the company and its content.
Today’s funding comes on the heels of another major funding round, in January, that valued Sprint at $8.5 bn.
Today, Sprint had already raised a Series B round, and it will likely have more money to spend in the coming months, according the reports.
Today has raised a combined $8 billion in funding, and its CEO has previously said that it plans to double the size of its workforce.