Deezer SA, which called off a planned initial public offering in October, raised 100 million euros ($109 million) from a group of investors led by billionaire Len Blavatnik as the European music-streaming company tries to keep pace with Spotify Ltd. and Apple Inc.<br />Deezer will use the money for marketing campaigns and new features, according to a statement Wednesday.<br />The company sought the funding after plans to raise $343 million in an IPO fell through.<br />Deezer, which has more than 6 million subscribers, is waging an uphill battle against larger, wealthier rivals.<br />Spotify boasts the biggest subscriber base of any pay music service, with more than 20 million.<br />Deezer had staked a claim as the second-largest pay music service until Apple introduced Apple Music, which surpassed 10 million customers in January.
