Investors rescue embattled SoundCloud with $170 million lifeline

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

We previously reported that SoundCloud was in final talks with Temasek Holdings and boutique merchant bank Raine Group, who were interested to buy stakes in the troubled tech company. Axios says CEO Alexander Ljung infers in the memo that if the proposal is rejected, SoundCloud's ability to continue would "not be a going concern".

As part of the investments, SoundCloud is adding talent from two former Vimeo executives.

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However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively.

As BBC reports, the company was at risk of shutting down entirely should new funding not have been approved by its shareholders, in the wake of a string of hits to its operations, including the recent downsizing of its workforce by 40%, or 173 jobs, last month. This means that, for the time being, SoundCloud will stick around and will remain an independent company. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer.

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The news also comes with a leadership change.

SoundCloud remains the world's most popular free music phone app, with roughly 88 million active users, according to online audience tracking firm SimilarWeb. But SoundCloud has struggled to develop a listener subscription business model to pay hefty royalties and compete with streaming music leader Spotify, as well as encroaching rivals Apple and Amazon. Atop all that, should this new investment close tomorrow, SoundCloud's pre-money valuation will have decreased a whopping 77 percent, from $640 million in 2014 to $150 million. Temasek has been one of the world's most active technology investors, backing roughly 90 companies in the sector stretching back to the dot-com era.

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