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Pandora Media, Inc.

Music streamer Deezer raises 100M euros after abandoned IPO

France-based music streaming service Deezer says it has raised 100 million euros ($109 million) from its two largest shareholders to fuel its expansion after abandoning plans for an initial public offering of stock last year.

The funds from Access Industries and French telecoms giant Orange will help pay for marketing in key European growth markets, CEO Hans-Holger Albrecht said. Deezer also hopes partnerships with wireless phone carriers in emerging markets and the U.S. help drive its growth.

The investment is a sign of faith in the future of streaming music, which is growing even as CD sales and downloads decline. Access Industries also owns Warner Music Group, which it...