Telecoms and property mogul Li Ka-shing has increased his bet on Spotify, the popular European online music service that is poised to expand in the United States.
Li, the chairman of Hutchison Whampoa and Cheung Kong (Holdings), took part in Spotify's new US$100 million round of financing that was completed last month. This followed his initial investment in the Swedish company in 2009.
The Li Ka-shing Foundation, Li's charitable institution, confirmed his participation to the South China Morning Post, but declined to reveal the size of the investment or stake.
'We still have one seat on the board,' a spokeswoman for the foundation said.
Frank Meehan, CEO of London-based INQ Mobile, the mobile phone manufacturing arm of Hutchison, sits on Spotify's board. The Hutchison subsidiary has commercial agreements with the Swedish firm.
'INQ and Spotify have joint marketing promotions in the UK,' the foundation spokeswoman said. 'Spotify also comes pre-loaded on some of INQ's handsets.'