SoundCloud, a Berlin-based web audio startup, has raised $50 million in new funding from investors led by Kleiner Perkins Caufield & Byers, Mike Butcher reports. GGV Capital also participated. The company confirmed in a press release it raised the funds, but it isn’t releasing information about how much money it got from the investors. Previous investors in the company include Union Square Ventures, Index Ventures and Doughty Hanson Technology Ventures.
Mary Meeker, a partner at Kleiner Perkins Caufield & Byers, will take a board observer seat at the company. Butcher reports the company is said to have pre-money valuation of $200 million. It’s yet another case of KPCB trying to invest in fast-growing web companies at valuations that can politely be termed “generous.” It seems to be part of a transition away from its big cleantech bets.
The company that was started by Alex Ljung and Eric Wahlforss in 2007 has signed up more than 9 million folks. SoundCloud started as a collaboration platform for musicians and deejays. In more recent times, the company has refocused on becoming a “web audio” platform and launched multiple mobile apps. Ljung in an earlier interview said the launch of mobile apps had added about a million new people to SoundCloud platform. It was also one of the GigaOM Euro 20 startups to watch.
I wonder what changes are in store for soundcloud. It’s still lacking something, not sure what.
Wow. Congratulations, and I like SoundCloud, but isn’t that valuation a tad high? Om, you’re inquisitive, so I’m asking: Why? This is the 2nd recent KPCB generous investment I noticed in the past month. Why? Circa 2000 please.