Soundcloud saved with $170m investment

Soundcloud CEO To Be Replaced By Vimeo CEO Following $170 Million Investment to Keep Company Afloat

Embattled cloud audio distribution service Soundcloud Ltd. has gotten a reprieve from bankruptcy by managing to raise $169.5 million from Raine Group and Singapore's sovereign wealth fund Temasek.

While the new investment has resulted in a change in management - and a considerable write down of the digital company's valuation - it will bring to an end weeks of speculation that the end is nigh for all things SoundCloud.

SoundCloud founder and former CEO Alexander Ljung has agreed to step aside to become chairman of the board, it said.

However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively. Michael Weissman, the former chief operating officer at Vimeo, will join SoundCloud in the same role. At the time, co-founder and CEO Alex Ljung stated that it was required in order to "ensure our path to long-term, independent success".

"This financing means SoundCloud remains strong & independent". "We see a strong, independent future for the company". Ljung will remain in the company as Chairman.

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Music streaming service Soundcloud has survived a recent money scare after securing a $170m (£135m) in investment. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company".

"If I could show to you the number of people who have been calling us, expressing fear about it going away, you would be shocked", said Fred Davis of the Raine Group.

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.

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

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