SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

In a press release SoundCloud revealed the new deal with global merchant bank The Raine Group and Singapore investment firm Temasek, worth just shy of $215 Million AUD.

Post investment, Ljung will be replaced as chief executive by former Vimeo Chief Kerry Trainor and Mike Weissman, another ex-Vimeo connection, will become SoundCloud's COO.

"Financing of this size will enable to company to pay off its remaining debt", the memo states, "while ensuring a strong, independent future..."

Ljung will continue to serve as chairman, and co-founder Eric Wahlforss will stay with SoundCloud as chief product officer.

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 company launched a subscription music service previous year, but that didn't generate enough revenue to avoid last month's layoffs.

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SoundCloud will refocus its business around selling tools for musicians and other content creators.

With largest amount of founds and new leadership the SoundCloud will now need to look at reducing costs and monetizes the service.

Recently you heard me say SoundCloud isn't going anywhere. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company".

Raine partner Fred Davis, a former music industry attorney who represented several top acts before entering investment banking, including Kanye West and the Black Eyed Peas, said artists feel a fierce loyalty to SoundCloud - and worry about its fate.

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. "I'm really excited about the next decade".

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