HomeNewsSoundCloud Successfully Raises $70 Million In Debt Funding Rajrishi Murthi March 24, 2017 News SoundCloud‘s journey within the global music streaming market has been nothing short of adventurous, to say the least. With the launch of its paid subscription service SoundCloud Go back in March last year, the Berlin-based company joined the race towards the top competing against the likes of Spotify, Apple Music and more. While having already raised $70 million in June 2016 courtesy a hefty investment by Twitter, SoundCloud has also missed out on a precious opportunity to be purchased by Spotify, while speculations pertaining to an acquisition being made by Google is yet to be proven true. And now as the streaming platform continues on its quest to turn over a profit, it looks like SoundCloud has finally has raised another $70 million in debt funding, according to documents filed with Companies House in the UK. As told to Business Insider in a statement by SoundCloud, they said: “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.” Source: Business Insider Leave a Reply Cancel Reply Your email address will not be published.CommentName* Email* Website Notify me of follow-up comments by email. Notify me of new posts by email.