Spotify rival Deezer ... now worth €1 billion?

French music streaming service Deezer is looking to raise funding at a €1 billion ($1.1 billion, £700 million) valuation, Bloomberg reports.

The funding process is still at an early stage, but could lead to another venture capital round, or even see Deezer go public with an IPO. Bloomberg's sources, who remained anonymous, pointed out that the funding target could also still change.

Deezer completed its last round of funding back in 2012, raising €100 million ($110 million, £70 million) from billionaire Leonard Blavatnik's Access Industries and Idinvest Partners.

We've reached out to Deezer for more details. The company declined comment for the Bloomberg report.

The French music streaming site is often referred to as a Spotify rival, offering similar streaming options through both a free tier and a paid premium one. According to its website, Deezer has 16 million monthly active users and 6 million paying subscribers. Spotify, on the other hand, has 75 million active users, with more than 20 million of those subscribing to its paid tier

Deezer has focused on expanding in Europe and emerging markets since launching in 2007, teaming up with mobile phone companies to help sell its premium tier. It finally entered the US in late 2014, partnering with Sonos and Bose, and is now available in more than 180 countries.