As it continues to work through difficult finances, SoundCloud has taken out a $70 million loan from a group of financial institutions. The "debt funding" is coming from Kreos Capital, Davidson Technology, and Ares Capital.
SoundCloud secured its funding on March 10 and it'll be using the money to hire more staff and grow out its offerings. It hopes to grow significantly this year and turn into a company that'll be "financially sustainable" for the coming years.
Multiple reports in 2016 suggested SoundCloud may end up being acquired. Though that never happened, the company has been facing financial issues for years.
0 Comments