Investors rescue embattled SoundCloud with $170 million lifeline

SoundCloud » Exciting news and the future of SoundCloud

Today, Ljung made a statement through the firm's blog announcing that The Raine Group and Temasek have just sealed the deal on the largest financing round in the history of the company.

The struggling audio-hosting startup SoundCloud has secured a financial lifeline, with two investors putting up nearly $170 million to help the company stay afloat, according to Billboard.

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Billboard also reports that that founder and CEO Alex Ljung will step down as CEO, to be replaced by former Vimeo CEO Kerry Trainor. Kerry Trainor and Michael Weissman, former executives of video-sharing platform Vimeo, will also join the company as CEO and COO of SoundCloud respectively. At that time Co-founder Alex Ljung said: " we continue to be confident the changes made last week put us on our path to profitability", and then fired 173 staff and said it was closing its London and San Francisco offices to focus on Berlin and NY.

"This financing means SoundCloud remains strong & independent". Ljung will remain in the company as Chairman. A spokeswoman for SoundCloud said last month it remained fully funded into the fourth quarter, while declining to comment on what lay beyond.

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SoundCloud has received a "substantial" round of investment, the online music streaming service said on Friday, insulating it from potentially running out of cash later this year. "We can't have that, and I'm happy to once again say that won't be happening", he continued. It's a similar business model that Trainor built at Vimeo, which is owned by IAC/InterActiveCorp. In a note circulated to shareholders earlier this week (obtained by Axios) Mr Ljung said without the money Soundcloud would not be able "to continue as a going concern".

SoundCloud last reported about 170 million users and saw significant increases in creator subscriptions, uploads, listening time and listener subscriptions over the past 12 months.

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