According to reports, Twitter has invested $70 million in SoundCloud’s music streaming service as part of a funding round that could top $100 million. That follows rumors of a planned purchased by Twitter, a deal that was of course never consummated.
Both companies are notorious money-dumpers, with Twitter suffering through a major executive drain and roughly $250 million in losses in 2015. SoundCloud posted nearly $44 million in losses last year, with $77 million in financing and little path towards profitability.
Against those horrific financials, the surreal Hooli-esque funding round will see SoundCloud’s value estimated at approximately $700 million, according to a Recode report.