The round valued the company at “north of $4bn,” said Dow Jones, citing multiple people familiar with the deal.
Spotify is expected to use the funding to finance expansion into new markets including Japan.
The round came a year after Goldman Sachs invested $100m in Spotify in a deal that valued the company at around $3bn.
Technology Crossover, whose investees include Netflix, led a $75m Series D for advertising technology platform AppNexus earlier this year.
The firm has raised more than $7.7bn since its launch in 1995.
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