SoundCloud raises $35 million in debt fundingSoundcloud Logo 3

SoundCloud raises $35 million in debt funding

Tennenbaum Capital Partners, a Santa Monica-based investment firm, is the most recent company to get behind digital music titan SoundCloud. In a new report by Swedish website Digital, SoundCloud has raised around $35 million in debt funding, after a $60 million round was led by Index Venture Partners and the Chernin Group in January of 2014.

SoundCloud also has a potential option in the future to $70 million if need be, which would be delivered through convertible bonds.

SoundCloud confirmed the news 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.”

The news comes on the heels of a tumultuous summer for the Berlin-based streaming service, who, aside from competing with new services like Tidal and Apple Music, has come under fire for their copyright policy. In late November, for instance, a producer had more than four minutes of silence removed by SoundCloud for “copyright infringement.”

Via: Tech Crunch

Read More:

SoundCloud takes aim at repost feature, begins to ban accounts that abuse the feature

New lawsuits are stacking against SoundCloud

SoundCloud’s endless troubles continue with new lawsuit from UK’s PRS for Music