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Music streaming firm SoundCloud raises $70 million in debt

Reuters

(Reuters) - Music-streaming service SoundCloud Ltd said on Thursday it had raised $70 million in debt from Ares Capital, Kreos Capital and Davidson Technology.

The funding is to meet the company's expected 2.5 times year-on-year revenue growth in 2017, a company spokeswoman said.

SoundCloud, which is facing increasing competition from companies including Apple Inc's (AAPL.O) Apple Music, Pandora Media Inc (P.N) and Spotify, launched a budget subscription package last month aimed at converting more listeners to paying subscribers.

The company, which was launched in 2008, raised $100 million in June from a group of investors including Twitter (TWTR.N), valuing it at roughly $700 million, according to Recode.

(Reporting by Kanishka Singh in Bengaluru and Eric Auchard; Editing by Alexander Smith)