Soundcloud Rescued by Emergency Funding as C.E.O Steps Aside
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.
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.