SoundCloud recently closed a Series D round of funding led by Institutional Venture Partners with the Chernin Group. The Wall Street Journal first reported the news. It has since been confirmed by IVP and SoundCloud. Previous investors also participated in the round, including Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures and Union Square Ventures.
SoundCloud’s ultimate goal is to become the audio platform of the web, or the YouTube of audio. Just like YouTube, user-generated content remains the startup’s fuel. Every minute, 12 hours of sound and music are uploaded to the platform. For comparison’s sake, YouTube reports 100 hours of content uploaded every minute.
Many up-and-coming electronic music artists use g SoundCloud to release mixtapes and share them around the web. Well-known musicians also release singles or live recordings on the platform to share them with their fans on Twitter or Facebook. In other words, SoundCloud is the perfect place to transform a music file into a URL and embeddable music player.
Seeing American VC firms putting a lot of faith in a European startup is a big win for the Berlin startup scene.Back in October at Disrupt Europe, SoundCloud co-founder and CEO Alexander Ljung said that the company was focused on growth and engagement.
That’s why it simplified its premium offering. “The big thing when we made that change is that we went from four different account levels with a fairly wide range of pricing to two different levels with a smaller range,” Ljung said.
With a free account, you can upload up to 2 hours of music, while the most expensive plan allows you to upload an unlimited amount of music for $12 a month (
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