Looks like Soundcloud will be just fine — the company just received $169.5M in funding
After the uncertain future of SoundCloud, the music service have announced a new CEO—and additional funding—that will help keep the music platform alive, it reports.
Read more: Soundcloud assures fans they aren’t going anywhere
Last month, the service’s future appeared to be uncertain, after TechCrunch published an article writing about how Soundcloud had recently laid off 40 percent of it's staff the week before along with quotes from sources at Soundcloud saying they would have enough money to float “until Q4 — which begins in just 80 days.”
However, Billboard received word that the platform received a fresh round of funding, with investments reaching $169.5 million. This comes from The Raine Group, joined by Singapore-based investment company Temasek.
“All of this together—the capital, the capital partners—with Kerry and Mike joining our team—it puts our company in a really great position to stay strong and remain independent,” Ljung said in an interview with Billboard. “We see a strong, independent future for the company.”
It was also announced that former Vimeo CEO Kerry Trainor will also be taking current CEO Alex Ljung’s place with the chief executive role.
“SoundCloud is the largest open audio platform in the world,” Trainor tells the news source. “Millions of creators choose these tools to share their work with the world—that will remain at the focus and center of the company.”
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