Last minute emergency funding by New York investment bank Raine Group and Singapore’s sovereign wealth fund Temasek has rescued Soundcloud from a money scare that threatened to shut down the streaming service which is home to millions of music curators.
— Alexander Ljung (@alexanderljung) August 11, 2017
Although Soundcloud haven’t disclosed the valuation or quantity of funding they received, figures are speculated at $169.5 million, a steep decline in value from the $700 million it was valued at in previous funding rounds. Soundcloud had already slashed 40% of it’s staff to cut on cost and reportedly had 50 days to stay afloat. CEO Alex Ljung will step aside though remain chairman as former Vimeo CEO Kerry Trainor replaces him.