Reuters logo
Music streaming firm SoundCloud raises $70 million in debt
March 23, 2017 / 9:24 PM / 9 months ago

Music streaming firm SoundCloud raises $70 million in debt

(Reuters) - Music-streaming service SoundCloud Ltd said on Thursday it had raised $70 million in debt from Ares Capital, Kreos Capital and Davidson Technology.

The funding is to meet the company’s expected 2.5 times year-on-year revenue growth in 2017, a company spokeswoman said.

SoundCloud, which is facing increasing competition from companies including Apple Inc’s (AAPL.O) Apple Music, Pandora Media Inc (P.N) and Spotify, launched a budget subscription package last month aimed at converting more listeners to paying subscribers.

The company, which was launched in 2008, raised $100 million in June from a group of investors including Twitter (TWTR.N), valuing it at roughly $700 million, according to Recode.

Reporting by Kanishka Singh in Bengaluru and Eric Auchard; Editing by Alexander Smith

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below