SoundCloud Gets Emergency Funding to Stay in Business

AP Images
Soundcloud's Alex Ljung

Multiple reports put the needed investment at $169.5 million based on a current pre-cash valuation of just $150 million.

"All of this together - the capital, the capital partners - with Kerry and Mike joining our team - it puts our company in a really great position to stay strong and remain independent", Ljung said in an interview with Billboard. The music you love on SoundCloud isn't going away, the music you shared or uploaded isn't going away, because SoundCloud is not going away.

Following persistent cash struggles and rumors that the service could be close to folding, it emerged a couple weeks ago that Soundcloud was set to secure new funding from two private equity firms.

Trainor left IAC's Vimeo - a filmmaker-founded video sharing site - saying he wanted to "live life for a bit while working with a few companies as a board member until I'm ready to announce my next full-time project".

It's thought that The Raine Group will likely play a hands-on role in setting SoundCloud's future strategic direction if the new financing deal goes ahead, utilising its experience as an investor in other media and web outfits.

The Daily Caller News Foundation reached out to SoundCloud, but it did not respond to the inquiry by time of publication.

"Now in its 10th year, I'm proud to say SOUNDCLOUD stands as an indispensable part of global music culture", LJUNG said.

SoundCloud's prospects looked bleak this year.

SoundCloud lavishly spent money on offices around the world while its CEO galavanted at music festivals like a rock star.

As we said before, the existing SoundCloud investors aren't in the best of situations.

SoundCloud has been an essential music platform for both independent and major artists.

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