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Audio-sharing startup Soundcloud may have picked up $60 million in fresh funding, according to a Wall Street Journal report that cites unnamed sources familiar with the matter.

We’ve asked Soundcloud to confirm the funding and will update this post with any new information we find.

Behind YouTube, Soundcloud is arguably the most important streaming media service when it comes to indie (aka unrepresented by a record label) musicians. The service itself enables you to upload audio files, annotate recordings, collaborate with others, sell your work, and more. Soundcloud also doesn’t have to pay licensing fees for the music its users upload, which is interesting and may give way to a new business model for the music industry eventually.

The company makes money through digital sales and from its premium subscription service that grants users unlimited uploading, analytics and promotion tools, and more.

As for the funding, Soundcloud is said to have closed the round in the last few months, according to WSJ‘s sources. The round itself, which may push Soundcloud’s valuation to an estimated $700 million, according to the report, was led by Institutional Venture Partners and Chernin Group, with participation from previous investors Kleiner Perkins Caufield & Byers, GGV Capital, Index Ventures, and Union Square Ventures.

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