SoundCloud Announces New Round of Funding; Company Now Valued at $200 Million
SoundCloud has secured a new round of funding led by Kleiner Perkins Caufield & Byers, the company said in a statement Monday.
The size of the funding round was not revealed, but TechCrunch claims the amount is $50 million, which gives the company a $200 million valuation.
Mary Meeker, partner at Kleiner Perkins Caufield & Byers, will take a board observer seat at the company, the statement says. Currently, 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.
SoundCloud, which was founded in 2008 by Ljung and Eric Wahlforss, now has 5 million users. In June, Billboard.biz reported that Ashton Kutcher's A-Grade Fund invested in the sound-sharing site.