Music Startup SoundCloud Is Now Valued At $700 Million

SoundCloud just raised a new round of funding, which values the music-sharing startup at roughly $700 million, according to The Wall Street Journal.

SoundCloud reportedly raised over $60 million from IVP and the Chermin Group late last year. Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures, and Union Square Ventures also participated in the round.

SoundCloud is great for aspiring artists, established artists, and hobbyist musicians who want to upload and share their songs and remixes with the world.

As of December 2012, SoundCloud had 180 million users per month.