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Graham Smith/flickr

Recode reports that Soundcloud has been unsuccessfully trying to raise $100 million in funding since the summer, and is now talking to potential buyers, including Spotify, who opted not to buy the streaming service last year.

Why it matters: Investors initially valued SoundCloud at $750 million, but now Recode reports that SoundCloud may be willing to consider bids so long as they are higher than the roughly $250 million they've raised to date. Despite going back to investors for two additional round of funding, including a $70 million investment from Twitter in 2016, investors say SoundCloud's valuation remains the same.

What's in it for Spotify? SoundCloud's competitive advantage is its music library, not its user base. Last year, SoundCloud introduced a $10 monthly subscription service, similar to Spotify's, but the offering hasn't gained much traction against its competitors, mainly Spotify and Apple Music, which have 50 million and 20 million paid subscribers each.

Go deeper

Heat dome sends temperatures soaring from Oregon to Louisiana

Forecast maximum temperatures in degrees Fahrenheit on Thursday, July 29, 2021. (WeatherBell)

The Pacific Northwest is once again in the midst of a heat wave after already seeing its worst such event on record this summer. Temperatures are soaring into the low 100s in some areas, while dangerous heat is also affecting the South Central states and Gulf Coast.

Why it matters: The occurrence of yet another heat wave during a drought in the West is ratcheting up wildfire risks. The heat itself is a major public health risk, since extreme heat is typically the biggest annual weather-related cause of mortality in the U.S.

Biden calls on Congress to extend eviction moratorium as deadline looms

Photo: Michael M. Santiago/Getty Images

President Biden called on Congress on Thursday to extend the CDC's national eviction moratorium due to the threat of the Delta variant, after the Supreme Court ruled that the administration couldn't extend it past July 31 without specific legislation.

Why it matters: Millions of tenants across the country face the threat of eviction in the coming days. The moratorium was first implemented in September 2020 and extended several times to prevent a wave of evictions caused by pandemic-related economic decline.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

The mental health deal boom

Illustration: Sarah Grillo/Axios

The positive social media response to Simone Biles withdrawing from Olympic competition highlights how the artificial line between health care and mental health care is finally beginning to dissolve. And startup investors have taken notice.

By the numbers: Venture capital investments in mental health startups rose 72.6% between Q1 2020 and Q1 2021, per CB Insights.