The news comes just at reports surfaced that the company might have to sell.
SoundCloud, the Berlin-based streaming audio platform, has secured a $70 million round of funding just as reports surfaced earlier this month that the popular service was unsuccessful in obtaining a $100 million round of funding.
In a statement obtained today by Billboard, SoundCloud announced it had secured a flexible $70 million credit line from Ares Capital, Kreos Capital and Davidson Technology. “This new funding," the statement read, "will enable SoundCloud to strategically grow our technology and personnel resources to fuel our expected 2.5 times year-over-year growth in 2017, while building a financially sustainable platform on which our connected community of creators, listeners and curators can thrive for years to come.”
The story was first broken by UK Business Insider after it found documents filed with Companies House in the UK.