Sci-tech

Soundcloud saved from bankruptcy by new $169.5M investment

Soundcloud saved from bankruptcy by new $169.5M investment

Merchant bank The Raine Group, along with investment firm Temasek, stepped in to shore up the company, following a reorganisation proposal agreed by SoundCloud shareholders last week.

SoundCloud has lived to fight another day, after investors accepted a 'do-or-die' proposal and, as a result, the music streaming service received a cash injection of $169.5m - the largest financing round in its history.

In a statement, SoundCloud said 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".

As part of the Series F round, Chief Executive Officer Alex Ljung is being replaced by Kerry Trainor, the former head of the IAC/InterActiveCorp-owned online video streaming service Vimeo. The company also named former Vimeo exec Mike Weissman as COO. At that time Co-founder Alex Ljung said: " we continue to be confident the changes made last week put us on our path to profitability", and then fired 173 staff and said it was closing its London and San Francisco offices to focus on Berlin and NY. Help has now come in from Temasek and U.S. investment bank Raine Group, who have together invested $170m, but at a low pre-money valuation of $150m compared with a value of $700m at previous funding rounds. But the company has never been able to turn its popularity into a strong business.

England reach 260-6 at stumps on day one against South Africa
Westley, in just his second Test, walked out to join Essex colleague Cook with England 35 for one in the 13th over. Just which team is on top at this stage is hard to say.


Ljung, who had previously held the title of CEO, will remain at the company as Chairman. New COO Weissman worked closely with Trainor at Vimeo.

Recently you heard me say SoundCloud isn't going away.

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.

SoundCloud's struggles have been well publicized over recent months.


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