SoundCloud Raises Additional $35 Million
This is a make or break year for SoundCloud. But the stars are aligning for the music tech startup, with more major licensing deals in place and new word that it's raised an additional $35 million in debt financing.
SoundCloud has raised an additional 300 million Swedish Krona ($35 million USD) in debt financing from Tennenbaum Capital Partners, according to Swedish online news site Digital. Soundcloud confirmed the deal with a statement to Tech.EU:
"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."
SoundCloud had previously raised $123.32 million USD in 5 rounds from 9 investors.