March 23 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 Apple Music, Pandora
Media Inc and Spotify, launched a budget subscription
package last month aimed at converting more listeners to paying
The company, which was launched in 2008, raised $100 million
in June from a group of investors including Twitter,
valuing it at roughly $700 million, according to Recode.
(Reporting by Kanishka Singh in Bengaluru and Eric Auchard;
Editing by Alexander Smith)