During an investment round of SoundCloud, a Berlin-based music service which allows people to upload audio files and share their content, Twitter has invested $70 million in this startup.
Re/code has reported citing sources familiar with the matter at hand that Twitter Inc has invested nearly $70 million in SoundCloud, a Berlin-based music service.
Although Twitter has confirmed the deal, it however did not disclose any financial details regarding its investment.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” said Jack Dorsey, Twitter’s chief executive.
On its part, Soundcloud has also confirmed that Twitter has made such an investment. Incidentally, SoundCloud is a platform which enables people to upload and share audio files.
As per Re/code, Twitter’s investment into SoundCloud was part of a funding round expected to be in the range of $100 million, which essentially values SoundCloud at $700 million.
Earlier in 2013, Twitter had attempted to foray into music without much success. Its music service failed to take-off, and was shut down a year later.
At that time, the micro-blogging site had said that it could look for ways to bring music content into its services.
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