TeliaSonera (NASDAQ: TLSN) has invested $115 million to take a 1.4% stake in Spotify. The investment reportedly brings the company's latest round total to $526 million, bringing along with it a valuation of $8.5 billion. The news comes just days after Apple (NASDAQ: AAPL) officially announced its own music streaming platform to compete directly with Spotify, a company already said to have 75 million users, 20 million of which are paying subscribers. Spotify is backed by a host of VC investors, including KPCB, Accel Partners and Founders Fund. Other investors, including Technology Crossover Ventures and Norwest Venture Partners previously participated in the Series G.