SoundCloud Raises $60 Million At A $700 Million Valuation

TechCrunch

SoundCloud recently closed a Series D round of funding led by Institutional Venture Partners with the Chernin Group. The Wall Street Journal first reported the news. It has since been confirmed by IVP and SoundCloud. Previous investors also participated in the round, including Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures and Union Square Ventures.

SoundCloud’s ultimate goal is to become the audio platform of the web, or the YouTube of audio. Just like YouTube, user-generated content remains the startup’s fuel. Every minute, 12 hours of sound and music are uploaded to the platform. For comparison’s sake, YouTube reports 100 hours of content uploaded every minute.

Many up-and-coming electronic music artists use SoundCloud to release mixtapes and share them around the web. Well-known musicians also release singles or live recordings on the platform to share them with their fans on Twitter or Facebook. In other words, SoundCloud…

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