In July, after music streaming service SoundCloud fired chunk of its workers in an try to chop prices, experiences got here out that instructed the corporate was mainly bleeding cash and can be completely tapped out in a matter of months—experiences that the corporate vehemently denied, for the file. Now, Selection is reporting that SoundCloud has simply obtained a large, life-saving funding of $170 million a “international service provider financial institution” known as The Raine Group and a Singapore-based funding firm known as Temasek.
As a part of this new funding, former Vimeo executives Kerry Trainor and Michael Weissman will probably be stepping in as the brand new CEO and COO (respectively), whereas SoundCloud co-founder Alexander Ljung will step down as CEO and grow to be chairman of the board, and different co-founder Eric Wahlfross will keep on as chief product officer.
In an announcement, SoundCloud mentioned that this new funding will “guarantee a powerful, impartial future” for the corporate, whereas additionally “funding deeper improvement and advertising of its core instruments utilized by hundreds of thousands of audio creators.”
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