News - 24/03/2017

SoundCloud has received $70 million in debt financing

SoundCloud has received $70 million in debt financing

The music service SoundCloud - which has been struggling for a while - has just received a $70 million loan from Kreos Capital (the Davidson Technology Growth Debt Fund) and Ares Capital. Prior to this, SoundCloud had raised $123 million, including $70 million from Twitter last year.

An official statement says:

We are pleased to have secured a flexible $70 million credit line from Ares Capital, Kreos Capital and Davidson Technology that is ideally structured for a company with our strong credit rating and in our stage of growth. This new funding will enable SoundCloud to strategically grow our technology and personnel resources to fuel our expected 2.5 times year-over-year growth in 2017, while building a financially sustainable platform on which our connected community of creators, listeners and curators can thrive for years to come.

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