SoundCloud recieves $50m fresh funding
SoundCloud has raised an significant amount of cash via a fundraising round led by Kleiner Perkins Caufield & Byers, in which GGV Capital also participated.
The social sound platform said in a statement that the investment would allow it to “continue to expand more rapidly”.
Although the firm commented that the amount of capital raised remained ‘undisclosed’, Techcrunch puts the figure at $50m – giving the music company a total valuation in excess of $200m.
“SoundCloud has seen exponential growth this year in terms of users and greatly evolved our product offerings,” said founder & CEO Alexander Ljung. “With Kleiner Perkins’ impeccable track record for recognizing and investing in companies with a long-term view, and their understanding and support for the potential of sound, we couldn’t be more excited about working together.”
Mary Meeker, partner at Kleiner Perkins Caufield & Byers, will take a board observer seat at SoundCloud. Meeker serves on the board of Square and is actively involved in KPCB’s investments in in Groupon, Legalzoom, Waze, 360buy.com, Spotify, Jawbone, One King’s Lane and Trendyol.
Ljung said: “Mary Meeker showed very clearly in her recent State of the Internet 2011 presentation that sound is the next frontier on the Web. That vision, along with spotlighting mobile and international markets, made it clear that Kleiner Perkins aligns with SoundCloud’s mission.”
Previous SoundCloud funding has come from B-Round investors Union Square Ventures and Index Ventures, and A-Round investor Doughty Hanson Technology Ventures.
