London, June 16: Twitter, an online social networking site has invested 70 million dollars in SoundCloud, the global online audio distribution platform, with the intention of helping the Berlin-based music streaming business expand its paid offering.
According to the reports, investment is part of a larger financing round expected to amount to about $100 million, valuing the company at about $700million.The SoundCloud said that it can confirm that Twitter has made an investment, in an e-mailed statement on Wednesday. "Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," Twitter chief executive Jack Dorsey said. It has however refused to comment on the valuation.
SoundCloud is an audio-sharing service that allows registered users to record, publish and share audio files online. The company describes itself as "a social sound platform where anyone can create sounds and share them everywhere. It claims of having 175 million monthly users.