That's according to a report from French financial newspaper Les Echos, which also claims that Deezer's existing investor Orange won't reinvest and will see its stake diluted to 11%.

Should Deezer secure the funding, it will mean the company's estimated value could rise to around 500 million Euros - an amount that is ten times its 2011 turnover.

Partnerships with Orange and Facebook have significantly boosted Deezer's numbers with a reported 10,000 new subscribers signing up via Facebook in ...