Kanye West is putting his money into the new Internet venture, Turntable.fm.

According to Business Insider, Kanye will be contributing to the $7.5 million financing of the new start-up, along with Lady Gaga.

Turntable.fm is a new social networking site that will allow users to become DJs by spinning tunes they have already stored on their computers. So far Union Square Ventures has already invested $37.5 million.

While it is uncertain if any of the major record labels are on board, having artists support the program is a good start.

As of press time a Turntable.fm iPhone App is already in the works.

Stay tuned as this story develops. —Elan Mancini