(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 usually to fulfill the company's expected 2.Five times year-on-year revenue rise in 2019, a corporation spokeswoman said.

SoundCloud, that is facing increasing competition from companies including Apple (NASDAQ:AAPL) Inc's Apple Music, Pandora Media Inc and Spotify, launched an affordable budget subscription package a few weeks ago geared towards converting more listeners to paying subscribers.

The company, which had been launched in 2008, raised $100 million in June from the selection of investors including Twitter, valuing it at roughly $700 million, depending on Recode.