The funding was raised in two closings - one in which existing investors put in €55 ($78.24/£47.8) million and another in which new investors provided €14 ($19.92/£12.17) million.

But, although existing investors had a preferential right to invest in the new round, €22.5 ($32.01/£19.55) million of their investment actually came as a “contribution in kind” rather than as cash.

Is it possible that record labels agreed to waive royalty advances up to a certain value to retain the proportion of the equity they were previously reported as owning?

The rest of Spotify’s shares to existing and new investors were valued at €276 ($392.61/£239.87) per share.

The valuation had first been mooted when Spotify was in the raising process this spring.

Last month, the company’s arm in Luxembourg, where it is registered, reported a €26.5 ($37.7/£23.03) million 2010 annual loss to authorities. It listed its assets as worth €50.9 ($72.41/£44.24) million.

According to an August filing, Spotify’s directors board comprises Napster co-founder Sean Parker, Spotify co-founders Daniel Ek and Martin Lorentzon, and Wellington partner Frank Böhnke plus Northzone partner Pär-Jörgen Pärson, who previously invested. Its management board comprises INQ Mobile CEO Frank Meehan plus Creandum partner Fredrik Cassel (ING owner Hutchison Whampoa’s chair Li Ka-Shing is a previous investor)

DST members were not listed on Spotify’s board.