SoundCloud Receives Investment from The Raine Group & Temasek
06:56, Aug 17, 2017
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The company, which laid off 40 percent of its staff in July, said in a blog post that the financing was raised from media-focused investment bank Raine Group of NY and Singapore's sovereign wealth fund Temasek.
According to a blog post from Ljung himself, SoundCloud has secured a financing deal that will see it live to fight another day - or, as an optimistic Ljung stated in his blog post, another decade. In his stead, former Vimeo CEO Kerry Trainor would be taking over operations of the organization. Mike Weissman, also formerly at Vimeo, will become Soundcloud's chief operating officer. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer. "We can't have that, and I'm happy to once again say that won't be happening", he continued. "This financing means SoundCloud remains strong and independent".
Trainor plans to emphasize developing tools for musicians, DJs and other creators to use on SoundCloud, as he did with video creators on Vimeo by charging subscribers to use the video-sharing, marketing and analytics tools.
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 last reported about 170 million users and saw significant increases in creator subscriptions, uploads, listening time and listener subscriptions over the past 12 months. Trainor said SoundCloud will continue to offer the suscriptions, but that it won't be the central focus of the company. With no white knight yet found, in JuneSoundcloud laid off about 40 percent of its employees and closed its San Francisco and London offices in an attempt to stop the money burn in what looked like a last throw of the dice to keep the company afloat.
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