(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 Apple Music, Pandora Media Inc 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, valuing it at roughly $700 million, according to Recode.
Reporting by Kanishka Singh in Bengaluru and Eric Auchard; Editing by Alexander Smith