T
Tom Morgan
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Music-sharing service SoundCloud has raised around $35 million in funding, according to Swedish news site, Digital.
Digital claims that the equivalent of 300 million Swedish Krona has been raised in debt financing through Tennenbaum Capital Partners, which calls itself ‘a leading alternative investment management firm’.
The new agreement set in place for SoundCloud means that the group is left with an option to borrow 600 million Swedish Krona, which is equal to a whopping $70 million.
Speaking to Tech.EU, a SoundCloud spokesperson said:
“We can confirm that we secured a flexible credit line with Tennenbaum Capital Partners (TCP) early in 2015. It’s an attractive option for companies like SoundCloud that have a solid credit rating, and offers an appropriate funding option for a company at our growth stage.”
Past funding deals have seen SoundCloud work with companies including Index Ventures, Kleiner Perkins Caufield & Byers and Institutional Venture Partners.
Whilst SoundCloud is up against music-streaming giants such as Spotify and Pandora, a report published by Bloomberg in July found that SoundCloud has over 150 million registered users.
The news of SoundCloud’s dealings follows the arrival of SoundCloud Pulse late last year, an app that lets creators keep in touch with communities.
Available for Android devices, SoundCloud Pulse doesn’t replace the existing SoundCloud app, instead working with it to let artists manage their accounts and keep up with communities and fans.
Source: Digital
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