SoundCloud, the Berlin, Germany-based music and audio sharing platform, raised a Series D funding round.
The round was co-led by Institutional Venture Partners and the Chernin Group.
According to WSJ (read here), the round amounted to $60m and valued the company at about $700m. They reported that existing investors GGV Capital, Index Ventures, Kleiner Perkins Caufield & Byers, and Union Square Ventures participated in the funding.
The company intends to use the capital to grow product, personnel (read here) and expand mobile efforts.
Launched in 2008 by Alexander Ljung and Eric Wahlforss, SoundCloud provides an audio platform that enables sound creators to upload, record, promote and share their originally-created sounds. It allows users to discover original music and audio, connect with each other and share the sounds they hear. In addition, they can use the platform to record, upload and share sounds across the internet, as well as receive detailed stats and feedback from the community.
02/01/2012: SoundCloud Raises Further Funding
03/02/2011: SoundCloud Confirms Equity Funding from Union Square Ventures and Index Ventures