Hutchinson Wampoa Chairman Li Ka-Shing participated in Spotify‘s recent financing round and took a stake in the European music streaming web site, Forbes has confirmed. With Li’s foot in the door, the telecom mogul will likely look to marry Hutchinson Wampoa-owned mobile handset maker INQ with a mobile application from Spotify. INQ sells cheap, social network-focused phones including a Facebook-oriented device; a Twitter handset is due to hit the market at the end of this year.
Spotify took its first step into the mobile world last month with its request to be featured on the iPhone, but Apple is expected to reject it because of the music streaming service’s similarities to iTunes. The Li Ka-Shing Foundation told Forbes that INQ Chief Executive Frank Meehan will sit on the board of Spotify, but wouldn’t confirm either the size of Li’s stake or what he paid for it. The FT reported at the start of the month that Spotify was close to securing $50 million in funding, valuing the company at $250 million.
Last year, Li upped his stake in Facebook to more than $100 million from $60 million. With an INQ Twitter-focused phone on the way, maybe Li will set his sights on investing in Twitter next.