(Hypebot) – After publicly admitting that it could run out of cash later this year, SoundCloud has received $70 million in debt financing. The company had, for months, tried and failed to raise $100 million in venture financing.
Struggling music service SoundCloud has received a much needed $70 million loan from Kreos Capital, the Davidson Technology Growth Debt Fund and Ares Capital. Prior to this round, SoundCloud had raised $123 million, including $70 million from Twitter last year.
"We are pleased to have secured a flexible $70 million credit line from Ares Capital, Kreos Capital and Davidson Technology that is ideally structured for a company with our strong credit rating and in our stage of growth," SoundCloud said in a statement. "This new funding will enable SoundCloud to strategically grow our technology and personnel resources to fuel our expected 2.5 times year-over-year growth in 2017, while building a financially sustainable platform on which our connected community of creators, listeners and curators can thrive for years to come."
Business Insider, who first reported the new funding, offered this snapshot of SoundCloud's finances, as of its 2015 reporting: