SoundCloud app on a smartphone. Image: dennizn/Shutterstock
New investment should hit the right note for SoundCloud.
SoundCloud has reportedly raised $70m in debt financing, alleviating fears that the audio platform could run out of cash.
The company is understood to have been trying to raise $100m since last summer, without success, going by reports from Recode.
However, according to Business Insider, citing documents filed with Companies House, the company has just raised $70m ($56m) in debt financing.
It is understood that SoundCloud raised the loan from Kreos Capital’s fifth debt fund as well as the Davidson Technology Growth Debt Fund.
Sharing the sounds
The audio company last raised investment in June 2016 in a $100m round that included Twitter Ventures.
SoundCloud is a platform for musicians and podcasters who want to share audio across devices, websites and social media platforms, and achieve maximum impact. Globally, it has more than 175m monthly listeners.
Sound designer Alex Ljung and artist Eric Wahlforss founded the Berlin-headquartered company in 2007.
The company’s international VP is Sonia Flynn, former country manager at Facebook in Dublin.
SoundCloud app on a smartphone. Image: dennizn/Shutterstock
