Audio chat app Clubhouse closed a new series C round of financing led by Andrew Chen of venture capital firm Andreessen Horowitz with major investors like DST Global, Tiger Global, and Elad Gil. The new financing would value the company at $4 billion.

Clubhouse is an invite-only social media app for iOS that enables auditory communication through rooms that can hold up to 5,000 people.The audio-only app hosts virtual rooms for live conversations, with opportunities for individuals to engage through speaking and listening.

The San Francisco-based company, whose app allows people to discuss varied topics in audio chatrooms, has seen its popularity surge after appearances by billionaires Elon Musk and Mark Zuckenberg.

The success of the invite-only, year-old platform has demonstrated its potential as an audio chat service, particularly as people stay inside homes due to the COVID-19 pandemic.

Bloomberg earlier this month said Twitter Inc was in discussions to buy an audio app at a $4 billion valuation.

Clubhouse has stated that it will remain invite-only in the future in order for their team to be able to manage the growth of their user base while also refining the app to support a larger audience.

Conversations may not be recorded, transcribed, reproduced, or shared without explicit permission, according to Clubhouse's guidelines.