(Telecompaper) TeliaSonera said it has made an equity investment into Spotify of USD 115 million and that it has extended its cooperation with the music streaming company after working together five years. Under the new strategic partnership, TeliaSonera paid USD 115 million for a 1.4 percent stake. Both companies are also committing resources, staff and other assets to ignite their joint innovation agenda within areas such as media distribution, customer insights, data analytics and advertising. A joint TeliaSonera-Spotify team will be set up to run the projects. Spotify recently raised USD 526 million during its latest funding round, the Wall Street Journal reported. The round values the company at USD 8.53 billion, sources said. Spotify wants to invest in expansion and new forms of content as it faces a growing set of challengers.