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Twitter Invests $70 Million in SoundCloud

Twitter has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.

Twitter confirmed the investment, but did not provide any financial details.

A 3D-printed logo for Twitter is seen in this picture illustration made in Zenica
A 3D-printed logo for Twitter is seen in this picture illustration made in Zenica, Bosnia and Herzegovina on January 26, 2016. REUTERS/Dado Ruvic/Illustration/File Photo

"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.

Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment.

Twitter's investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said.

The microblogging site has previously attempted to make a foray into music with the launch of Twitter Music in 2013, which was closed a year later. At the time, the company said that it would look for new ways to bring music based content to the service.