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.

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"SoundCloud has seen exponential growth this year in terms of users and greatly evolved our product offerings," SoundCloud founder and CEO Alexander Ljung said in the statement. "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."

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.

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