SoundCloud raises series-D at $700m valuation

The Chernin Group, the media company headed up by former News Corp executive Peter Chernin, also participated in the funding round, as did existing backers GGV Capital, Index Ventures, Kleiner Perkins Caufield & Byers (KPCB) and Union Square Ventures.

The deal took just three weeks to close from term sheet to investment. 

SoundCloud will use the fresh funding to boost its headcount, expand its product offering and boost its development in the mobile space. 

According to the Wall Street Journal, the firm raised $60m in its series-D round, giving the firm a valuation of $700m.

Institutional Venture Partners invested via its $1bn vehicle IVP XIV. 

Previous funding
In 2012, SoundCloud raised around $50m in a funding round led by KPCB. GGV also participated, according to unquote" data. 

The first funding round of €2.5m was led by Doughty Hanson Technology Ventures, while the Series-B funding, worth $10m, was provided by Union Square Ventures and Index Ventures. 

Company
SoundCloud was founded in Berlin in 2008. The company runs an online audio platform that allows users to record, upload and share music on the internet.  

People
Around a year ago, the firm hired Ted Suh, a former Amazon executive, to head up its music partnerships.

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