A massive life raft has been thrown at SoundCloud.
Earlier this year it was reported that SoundCloud was at risk of shutting down after suffering $44 million in losses. Today, Recode reports that Twitter, which once sought to buy the streaming platform, has invested $70 million in the company.
It is part of an investment round that will total in the $100M range, which will value it $700 million, the same valuation it had in 2014 before going into debt.
Twitter CEO Jack Dorsey says: “Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators… They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”