SoundCloud is a startup where users upload and share music. The company has raised a new round of funding with a $700 million valuation. The company raised over $60 million in funding from Institutional Venture Partners and the Chernin Group, according to sources with The Wall Street Journal.
This round of funding closed late last year, but was not reported. SoundCloud’s existing investors Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures and Union Square Ventures also participated in this round.
SoundCloud offers a certain amount of space for free, but they offer annual subscription of up to $135 per year for unlimited uploads and analytics. Currently, 12 hours of audio is uploaded per minute. SoundCloud was founded in 2007 by Swedish entrepreneurs Alex Ljung and Eric Wahlforss.