SoundCloud saved for the time being with new investment, new CEO and COO appointed

SoundCloud

It was only a month ago when music streaming service SoundCloud announced that it would be laying off a little over 40 percent of its staff . At the time, co-founder and CEO Alex Ljung stated that it was required in order to “ensure our path to long-term, independent success.” Unfortunately, what the public would find out later is that the layoffs would only give the firm enough money to survive until Q4.

SoundCloud

Today, Ljung made a statement through the firm’s blog announcing that The Raine Group and Temasek have just sealed the deal on the largest financing round in the history of the company. This means that, for the time being, SoundCloud will stick around and will remain an independent company.

Along with the new investment, Ljung will step out of the role of CEO which will go to Kerry Trainor, who is best known for his time at Vimeo as CEO. The firm will also add Mike Weissman to the team who will become the firm’s COO. Although Ljung has been the CEO and chairman of the company for nearly a decade, the founder will now simply just oversee the company as a chairman.

 

With this new round of financing and a shake up at the top, it will be interesting to see how SoundCloud will reinvigorate itself and keep things in the green.


 

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About Shubham Tiwari 52 Articles

Talking about interest technology. I can say that it was my fantasy which turned into my interest and passion. The source of my fantasy is the movie ‘Iron man’. It makes me curides about what technology can do and how it can make world a better place to live if used in a proper way.
Currently I’m passing my graduation in electronics and communication engineering and working on this site to provide all the information to people out there.

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