Entertainment Company SoundCloud Raises $70 Million

According to TechCrunch, streaming music app SoundCloud has closed a $70 million round of debt funding from Ares Capital, Kreos Capital, and Davidson Technology. The company is also in the process of closing another $100 million.  

SoundCloud, launched in 2008 by Alexander Ljung and Eric Wahlforss, lets people discover and enjoy the largest selection of music from the world’s most diverse creator community. This is made possible by an open platform that directly connects creators and their fans across the globe. Sound creators can use the platform to instantly record, upload, and share sounds across the internet, as well as receive detailed stats and feedback from the SoundCloud community. The platform boasts 40 million registered users as of July 2013.

This new funding will enable SoundCloud to strategically grow its technology and personnel resources to fuel its expected 2.5 times year-over-year growth in 2017, while building a financially sustainable platform.