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SoundCloud is now serving up 12 hours of new audio uploaded to the site every minute, and to help pay for all of that hosting and cost of bandwidth, they just raised some money. The company is rumored to have raised another round of funding at $60 million dollars which closed late last year (via the Wall Street Journal).

β€œThis investment will allow SoundCloud to grow more rapidly in product, personnel and expansion in mobile efforts,” a spokeswoman for SoundCloud said in an email.

Music-Sharing Service SoundCloud Raises New Funds at $700 Million Valuation [WSJ]