SoundCloud isn't going anywhere, raises largest funding ever

Enlarge  Alexander Ljung co-founder of SoundCloud will step aside

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.

I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud. The new round raised United States dollars 169.5 million. With the addition of Trainor to the CEO position at Soundcloud, that will allow Ljung to focus on his position as Chairman of the company. Mike Weissman also moves over from the video-sharing website to become SoundCloud's new COO.

Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started".

SoundCloud has received a "substantial" round of investment, the online music streaming service said on Friday, insulating it from potentially running out of cash later this year.

The statement explains: "The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators".

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Whether or not this detail is compatible with SoundCloud's reputation as an "independent" and artist-driven player in the music streaming space remains to be seen.

Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.

Soundcloud will now need to look at reducing costs and doing more to monetise the service which, according to the firms latest publicly available figures, has more than 40 million users. In a note circulated to shareholders earlier this week (obtained by Axios) Mr Ljung said without the money Soundcloud would not be able "to continue as a going concern".

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