Last July due to cost cutting SoundCloud lays off most of its staff, reports said that the company is bleeding money and will be bankrupt after a few months. The company denied the issue. And now they just received an emergency funding to continue its operation $170 million from a global merchant bank called The Raine Group and a Singapore-based investment company called Temasek.
As reported, former Vimeo executives Kerry Trainor and Michael Weissman will be stepping in as the new CEO and COO (respectively), while SoundCloud co-founder Alexander Ljung will step down as CEO and become chairman of the board, and other co-founder Eric Wahlfross will stay on as chief product officer.
SoundCloud stated that this new investment will “ensure a strong, independent future” for the company, while also “funding deeper development and marketing of its core tools used by millions of audio creators.”