SoundCloud has belatedly revealed financial results for 2016 that showed operating losses widening from €48.6 million (£42m) in 2015 to €70.5m (£60.1m).
The company said the 2016 losses resulted from investment in content, technology and staff. Total revenues increased by 89.1% to €50.3m (£43.5m) in 2016.
However, SoundCloud had to rationalise its operation soon after by cutting the staff headcount by 40% last summer. It also secured $170m (£118.7m) in financing from the Raine Group, investment company Temasek and existing investors.
In its business review lodged at Companies House, SoundCloud said the equity investment means that the company is now “positioned for efficient capital growth”.