Spotify has raised $350 million in a new funding round at an $8 billion valuation, according to sources from CNBC, who added that Goldman Sachs' institutional clients took part in the fundraising.

An earlier report from the WSJ said the company was raising $400 million at an $8.4 billion valuation.

The news reports come as Spotify is reportedly seeing a significant increase in ad revenue. The company has not yet formally announced new financing and declined to comment on CNBC's report.

Also see: Music maestro: Inside Spotify’s Stockholm HQ (video + photos)

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