Twitter Inc. has invested $70 million in audio-sharing platform SoundCloud to help expand its recently launched subscription service, SoundCloud Go.

The investment is expected to be part of a $100-million financing round, which would put SoundCloud’s value at $700 million, according to Recode.

The tech blog said Twitter Chief Executive Jack Dorsey declined to comment on the specifics of the company’s investment. SoundCloud confirmed the investment via an emailed statement, and also declined to discuss financial details.

Berlin-based SoundCloud released the subscription service in March. The platform attracts more than 175 million unique monthly visitors, and its subscription service features tracks from major music labels, publishers and independent labels.


Twitter tried to purchase SoundCloud in 2014, but backed out of the deal.