A 3D-printed logo for Twitter is seen in this picture illustration made in ZenicaThomson Reuters
(Reuters) – Twitter Inc has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.
Twitter confirmed it had taken a stake in SoundCloud but did not provide any details about the investment.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” Twitter chief executive Jack Dorsey said.
Twitter’s investment was part of a funding round, expected to be in the $100 million range, and would value SoundCloud at about $700 million, the Re/code report said. (http://on.recode.net/25WeSUG)
SoundCloud is a platform that enables people to upload, record, promote, and share their music and other audio files.
SoundCloud was not immediately available for comment.
(Reporting by Narottam Medhora and Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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