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SoundCloud gets US$50m for sonic growth

Mary Meeker joins board

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Berlin based social media audio sharing site SoundCloud has raised up to as rumoured US$50 million in funding led by Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.

The site, which is gaining ground in music production industry and artist circles, confirmed the closing of the funding round but would not specify the amount.

The company said that the investment will allow SoundCloud, which last year opened its Silicon Valley office, to continue to expand more rapidly.

SoundCloud’s service, launched in 2008, first targeted professional musicians who needed better options for sharing music online, and has since expanded to podcasts, audiobooks and other audio. The site not only features high end streaming apps for web and mobile but also discovery and recommendations engines that allow new artists to leverage the platform’s audience.

The site has around 2.3 million unique visitors per month and reported 5 million registered users in June, growing to 9 million by the end of the year.

“SoundCloud has seen exponential growth this year in terms of users and greatly evolved our product offerings. 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,” said founder & CEO, Alexander Ljung.

Online guru Mary Meeker, partner at Kleiner Perkins Caufield & Byers, will take a board observer seat at the company. ®

Prior to this deal, SoundCloud’s funding came from B-Round investors Union Square Ventures and Index Ventures, and A-Round investor Doughty Hanson Technology Ventures. ®

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