Soundcloud closes round of funding at 700 million valuationSoundcloud Logo 3

Soundcloud closes round of funding at 700 million valuation

Soundcloud just confirmed that it has raised $60 million dollars in a recent round of funding from Institutional Venture Partners and the Chernin Group. The round closed late last year and gives the Berlin-based company a $700 million valuation. Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures and Union Square Ventures also participated.

“This investment will allow SoundCloud to grow more rapidly in product, personnel and expansion in mobile efforts,” a spokeswoman for SoundCloud said in an email.

IVP’s primary reason for investing in the company is their belief that Soundcloud will continue to grow on a similar trajectory as YouTube;

“Our core investment thesis for SoundCloud is centered around our belief that SoundCloud will become the dominant online digital delivery platform for audio in much the same way that YouTube has become the dominant online platform for video.”

Via: The Wallstreet Journal