SoundCloud, a Stockholm, Sweden-based open audio platform, received a $75m investment from U.S. audio entertainment company SiriusXM Holdings Inc. (NASDAQ: SIRI).

The company intends to use the funds to accelerate its product development and enhance its services for its global community of creators and listeners.

The investment follows the ad sales relationship between SoundCloud and Pandora, a subsidiary of SiriusXM, which started in 2019. The agreement enables advertisers and brands to purchase SoundCloud’s U.S. ad inventory directly through Pandora, leveraging the company’s direct sales capabilities, targeting data, and audio programmatic platform. Together, the two companies’ combined U.S. audience offering reaches more than 100 million unique listeners, creating a large digital audio advertising marketplace. Under the terms of the deal, the SoundCloud Board of Directors will expand to include two individuals designated by SiriusXM.

Founded in 2007 by Kerry Trainor, Chief Executive Officer, SoundCloud is a open audio platform, powered by a connected community of creators, listeners, and curators. The platform provides creators with tools, services, and resources to build and grow their careers. It has over 200 million tracks from 25 million creators heard in 190 countries.

“SoundCloud’s unique platform serves a vital role in today’s music ecosystem where new artists are discovered and build their fan base, and established artists experiment and connect directly with their fans in highly effective ways,” said Jim Meyer, CEO of SiriusXM. “We admire SoundCloud’s loyal and growing audience, its offering for creators, and its reputation and popularity in global music communities.”