SoundCloud's ex-CEO After Near-Shutdown: "I'm Absolutely Not Leaving"

SoundCloud » Exciting news and the future of SoundCloud

SoundCloud Accepts $170 Million Rescue, Taps New CEO to Replace Alex Ljung: Exclusive Interview

The round of funding, which was the largest in the company's history, came from The Raine Group and Temasek.

In a blog post Friday, Ljung spun the news, saying that the "financing means SoundCloud remains strong & independent" and "is here to stay".

Now, Variety is reporting that SoundCloud has just received a massive, life-saving investment of $170 million a "global merchant bank" called The Raine Group and a Singapore-based investment company called Temasek.

Trainor, who also joins the board, has 20 years of experience building music and video streaming products, most recently as chief executive of Vimeo, where he worked closely with Weissman. The firm will also add Mike Weissman to the team who will become the firm's COO.

SoundCloud fans can hopefully rest easy for a while longer. 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.

Audio streaming platform SoundCloud has announced it's secured the $169.5m worth of investment it needed to stay online. Help has now come in from Temasek and United States investment bank Raine Group, who have together invested $170m, but at a low pre-money valuation of $150m compared with a value of $700m at previous funding rounds.

Despite the support of famous artists such as Chance the Rapper and boasting over 40mn users, Soundcloud has struggled to monetise content hosted on its site. Ljung will remain in the company as Chairman.

Former Vimeo CEO Kerry Trainor will replace founder Alex Ljung as chief executive. "We can't have that, and I'm happy to once again say that won't be happening", he continued.

Soundcloud is not going to die after all.

SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life.

Latest News