SoundCloud has confirmed that the company secured a line of credit with "alternative investment management firm" Tennenbaum Capital Partners early in 2015. While the company didn't give specifics on the size of the investment, Swedish news outlet Di Digital reports the figure at $32 million, with an option for another payment double that of the original.
In a statement the company says the deal was "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."
SoundCloud has had a tumultuous year, but recently struck an important deal with U.K. trade body PRS for Music, which sued the company over a failure to pay its members. SoundCloud founder and CEO Alexander Ljung said the agreement will "expand revenue opportunities, improve the accuracy of royalty distributions, and launch new services for our 175 million monthly active listeners."