SoundCloud, the famous audio streaming company, has raised $70 Million from Twitter at $700 million valuation. The latest development brings the two brands together roughly 2 years after the failed buyout talks.
SoundCloud had admitted at the beginning of this year that it needed cash to stay alive in business and the latest round just seems that the company has got a few months of hope without any hassles.
Over the last few months, SoundCloud has been busy getting more and more music companies under its hood, as it is marketing the $9.99 premium service to the users. Despite being a platform for millions of small artists to show their talent and gain popularity through this medium, the audio streaming portal has not really capitalized on userbase as well as the content. However, with some serious plans ahead, the company just seems to be going in the right direction.
Twitter has been pretty bold with spending with its relatively new venture arm. The micro blogging site has backed Cyanogen, VenueNext, Swirl and now SoundCloud.