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Twitter Invested $70M in This Digital Music Service

Published: Jun 14, 2016 1 min read

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SoundCloud Ltd. Co-Founders Unveil U.K. Subscription Service
Eric Wahlforss, co-founder and chief technology officer of SoundCloud Ltd., left, and Alexander Ljung, co-founder and chief executive officer of SoundCloud Ltd., pose for a photograph outside a guitar shop in Denmark Street in London, U.K., on Tuesday, May 3, 2016. SoundCloud, the music streaming company that rose to prominence by allowing users to upload their own songs and mixes, will begin offering its paid-for SoundCloud Go subscription service in the U.K. and Ireland, while introducing ads for its free streaming customers.
Bloomberg via Getty Images

Twitter has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.

Twitter confirmed it had taken a stake in SoundCloud but did not provide any details about the investment.

"Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," Twitter chief executive Jack Dorsey said.

Twitter's investment was part of a funding round, expected to be in the $100 million range, and would value SoundCloud at about $700 million, the Re/code report said.

SoundCloud is a platform that enables people to upload, record, promote, and share their music and other audio files.

SoundCloud was not immediately available for comment.