London : Online social networking giant Twitter has invested a whopping 70 million dollars in SoundCloud, the global online audio distribution platform, to help the Berlin-based music streaming business expand its paid offering.
The Independent reports that this investment is part of a larger financing round expected to amount to about $100 million, valuing the company at about $700 million.
“We can confirm that Twitter has made an investment,” the SoundCloud said in an e-mailed statement on Wednesday.
However, it refused to comment on the valuation.
The company said it will use the amount to “continue the global roll-out of many company initiatives such as our recently launched subscription service, SoundCloud Go.”
SoundCloud, which claims of having 175 million monthly users, had earlier released the premium service in March and completed deals with major music labels and publishers as well. (ANI)