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, which was founded in 2008 by Ljung and Eric Wahlforss, now has 5 million users. Billboard.biz will have more on this story soon.