SoundCloud raised $75 million to develop new products from Pandora, the owner of the streaming service.
SoundCloud music service attracted US$75 million from American radio company SiriusXM, which owns Pandora streaming service since 2018. Company plans to spend money on developing new products and services.
In exchange, SiriusXM will receive a minority stake in SoundCloud and two seats on the board of directors. The valuation and other details of the transaction are not disclosed. The transaction took place after a successful advertising partnership, which SoundCloud and Pandora concluded in 2019, the company noted.
Founded in Berlin in 2007, the SoundCloud service allows musicians to distribute their works. According to Crunchbase, the last time the company attracted investment was in 2017 - then the service received US$169.5 million despite financial problems. TechCrunch, citing the PitchBook, said the company's estimate was US$500 million.