Looks like SoundCloud, the digital music service and favorite of independent artist, will live on. The struggling brand secured a fresh round of funding that assures SoundCloud will remain independent, even as a new executive team takes over to steer the service into the future.
The new injection of cash comes via The Raine Group, a boutique merchant bank, and a Singapore-based investment company named Temasek. Together they are leading a $169.5 million investment round that infuses SoundCloud with much-needed cash.
Along with the new money, SoundCloud also will have a new CEO and COO. Former Vimeo CEO Kerry Trainor succeeds founder Alex Ljung as chief executive, and Michael Weissman, another former executive at the video platform, was named SoundCloud’s chief operating officer.
Ljung and SoundCloud co-founder Eric Wahlforss will remain with the company they founded a decade ago. Ljung will serve as chairman of SoundCloud’s board, and Wahlforss as chief product officer.
SoundCloud last reported some 170 million users.