SoundCloud Secures $169.5 Million Investment

SoundCloud Secures $169.5 Million Investment

SoundCloud Secures $169.5 Million Investment

In a press release SoundCloud revealed the new deal with global merchant bank The Raine Group and Singapore investment firm Temasek, worth just shy of $215 Million AUD.

"I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud", Ljung wrote on Friday.

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The company said that as part of the new investment, digital media veterans Kerry Trainor and Michael Weissman, respectively the former chief executive and chief operating officer of online video service Vimeo, would take the same roles at SoundCloud.

Alexander Ljung, founder and chairman of Soundcloud, said the financing means the company "remains strong and independent" and "here to stay". The firm will also add Mike Weissman to the team who will become the firm's COO. 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.

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It is hoped the investment will ensure an independent future for SoundCloud and fund deeper development and marketing of its core tools. The company launched a subscription music service previous year, but that didn't generate enough revenue to avoid last month's layoffs.

'I look forward to fully dedicating my time to leading the board and helping drive SoundCloud's long term strategic vision, and forging strategic partnerships and connections with industry partners and our one-of-a-kind creative community. But the company has never been able to turn its popularity into a strong business. While rumors of an acquisition have floated, the company recently committed to staying independent, though it did recently lay off some 40 percent of its staff.

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