Twitter invests $70m in SoundCloud streaming business

Twitter Inc. has invested about $70 million in SoundCloud Ltd. to help the Berlin-based music streaming business expand its paid offering.
The investment is part of a larger financing round expected to amount to about $100 million, valuing the company at about $700 million, according to a person familiar with the situation.
“We can confirm that Twitter has made an investment,” SoundCloud said in an e-mailed statement Wednesday, declining to comment on specifics or the valuation. It said it will use the money to “continue the global roll-out of many company initiatives such as our recently launched subscription service, SoundCloud Go.”