Kleiner Perkins backs SoundCloud funding
The funding round for the Web audio host reportedly nets $50 million, which would give the company a $200 million valuation.
Web audio host SoundCloud announced a new funding round today led by Kleiner Perkins Caufield & Byers.
SoundCloud didn't reveal the size of the funding round, but TechCrunch reported the amount to be $50 million, giving the company a $200 million valuation.
In addition, Kleiner Perkins partner Mary Meeker will take an observer seat on the SoundCloud board, the company said in a statement. GGV Capital also participated in the round, which is expected to help the company grow more quickly.
Berlin-based SoundCloud, which was founded in 2008 by Ljung and Eric Wahlforss, launched as a sharing network for musicians looking to hawk their demos. It now has 5 million users and has expanded to include podcasts and audiobooks.
Two previous rounds of funding, totaling about $16 million, were backed by Union Square Ventures, Index Ventures, and Doughty Hanson Technology Ventures.