The Berlin-based music streaming service has received $170m of funding from Singapore's sovereign wealth fund Temasek.
SoundCloud was thrown a $169.5 million lifeline on Friday, which is a pretty nice lifeline to have, especially when you've been drowning for several months now.
As part of the Series F round, Chief Executive Officer Alex Ljung is being replaced by Kerry Trainor, the former head of the IAC/InterActiveCorp-owned online video streaming service Vimeo.
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Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started".
"This financing means SoundCloud remains strong & independent". But the company has never been able to turn its popularity into a strong business. This, I know, sets us up as an even greater team for the decade (s) to come.
Speaking for the money men, Fred Davis at Raine added: "SoundCloud is a unique and essential music platform for new and developing artists". On July 14, 2017 it was reported the SoundCloud is in financial trouble after the firm lay off 40% of its staff company and said it has enough cash until the end of September. Ljung will remain in the company as Chairman. New COO Weissman worked closely with Trainor at Vimeo. Trainor said SoundCloud will continue to offer the suscriptions, but that it won't be the central focus of the company. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company".
Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.