SoundCloud appoints new CEO, gets $170 million in emergency cash

Enlarge  Alexander Ljung co-founder of SoundCloud will step aside

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. This financing means SoundCloud remains strong & independent.

SoundCloud has just received an investment of $170 million a "global merchant bank" called The Raine Group and a Singapore-based investment company called Temasek. In his stead, former Vimeo CEO Kerry Trainor would be taking over operations of the organization. Kerry Trainor and Michael Weissman, former executives of video-sharing platform Vimeo, will also join the company as CEO and COO of SoundCloud respectively.

SoundCloud fans can hopefully rest easy for a while longer. Co-founder Eric Wahlforss will be chief product officer.

The move comes amid ongoing concern about SoundCloud's ability to stay afloat, after massive layoffs and reports that the Berlin company was running out of money. Help has now come in from Temasek and USA 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. "We see a strong, independent future for 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". Though there'll presumably be pressure on Trainor and Weissman to come up with a realistic game plan in the relatively near future.

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Recently you heard me say SoundCloud isn't going away.

Soundcloud will now need to look at reducing costs and doing more to monetise the service which, according to the firms latest publicly available figures, has more than 40 million users.

Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.