SoundCloud announced a new funding round 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.
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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.
GGV Capital also participated in the round.
“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. Billboard.biz will have more on this story soon.