Music-streaming company Spotify Ltd. has raised $526 million in a fundraising. The funding has helped Spotify to attract investments from many investment funds in Europe and the US.

Lately, Nordic telecom operator TeliaSonera AB has made an investment in the company of $115 million. The carrier said that it has paid $115 million for a 1.4% stake in Spotify.

TeliaSonera AB said that both the companies will work in unison in areas, like media distribution, data analytics and advertising. TeliaSonera Chief Executive Officer Johan Dennelind said, "This is a field where you will see a lot of competition and where it's very clear that Spotify has taken a lead. We will see more and more shifting towards streaming in music and other things".

With time, trends are changing and now it is more and more shifting towards streaming in music and other things.

Spotify's latest funding round led it raise $526 million. The funding has come at a time when the company has been taking steps for expansion, as it faces increasing challenges from its competitors, including Apple Music.

Spotify faces stiff competition from Apple Music, a subscription-based streaming-music service and a 24-hour global internet radio station. Investors in Spotify's new round include British asset managers Baillie Gifford, Landsdowne Partners and Rinkelberg Capital and Canadian hedge funds Senvest Capital and Discovery Capital Management.

Last month, Chief Executive Officer Daniel Ek said that it will adding podcasts and video content to attract more advertising revenue and discourage competition from Apple and Google.