Soundcloud Gets $170 Million Investment
Earlier this year, Soundcloud announced that they were running out of money quickly, and at the time said they wouldn’t make it another 30 days. Since then, people like Chance The Rapper have been open in saying they will ensure that doesn’t happen, it it looks like everything is on track, for now.
Billboard reported that a $170 million cash infusion has officially saved SoundCloud from its early demise. The Raine Group, an investment merchant bank, is said to have partnered with Temasek, company out of Singapore, to help raise the $169.5 million the company needed to keep SoundCloud running independently.
The investment deal is said to have been named “Project Sonic,” and allegedly part of the deal was replace their CEO Alex Ljung. As Billboard also reported, former Vimeo CEO Kerry Trainor was officially named the new CEO of SoundCloud. The company made another addition in adding Michael Weissman as its COO.