Gaming-focused voice chat app Discord reportedly raised $50 million in funding at the start of 2017 in a deal that valued the company at $725 million.
TechCrunch reports that Index Ventures led the investment round in January 2017. Institutional Venture Partners, Spark Capital, Greylock Partners and Benchmark also participated.
While the money is likely being used to continue developing and servicing its voice chat platform, a large amount also went to buying shares from early employees. Early investors were also offered the option of cashing out, but none chose to do so.
The news comes as Discord hires former Twitch evangelist Andy Swanson as its new Head of Publisher Relations.
He will be responsible for working with developers and publishers to show them how Discord can be used across gaming.
"Discord has a rapidly growing community of gamers who are voracious users and fans of the product," said Swanson.
"My goal is to educate and connect the game creator ecosystem, encompassing publishers and developers of all shapes and sizes, to Discord and their authentic and passionate player community to make even more connections through gaming."
Discord is seeing continued success, having surpassed 45 million users in May 2017. This was an increase of 34 million users year-on-year.