Berlin-based SoundCloud raises $70 million in debt financing

Berlin-based SoundCloud, a popular music sharing and streaming platform, announced that it has raised $70 million in debt financing. The credit comes from Ares Capital, Kreos Capital, and Davidson Technology.

SoundCloud previously raised a round of $100 million from Twitter Ventures and other investors in June 2016. And in January 2016, the company also raised about $35 million in debt financing from Tennenbaum Capital Partners.

The company plans to use the new financing to further develop its technology and its team, and fuel expected growth, "while building a financially sustainable platform on which our connected community of creators, listeners and curators can thrive for years to come," as it reported to Business Insider.

Read more: Business Insider