SoundCloud is saved after receiving new funding

SoundCloud plans to replace its CEO as part of a new funding deal

Investors To Decide SoundCloud's Fate In 'Do Or Die' Meeting

Music and audio streaming service SoundCloud says it has reached an agreement on a "significant investment" with merchant bank The Raine Group of NY and investment firm Temasek of Singapore.

The two companies backing the new round of investment are The Raine Group, an global merchant bank, and Temasek, a Singapore-based investment company.

On Friday news broke that the company had managed to acquire $169.5 million in Series F funding to keep the streaming service afloat. Ljung will serve as chairman of SoundCloud's board, and Wahlforss as chief product officer.

Joe Puthenveetil, a Vice President at Raine who helps lead Raine's initiatives in the music space, will also join the SoundCloud board. Ljung isn't saying how much, exactly, was raised, though he does say that it was the largest financing round in the site's history. The investment comes as SoundCloud was reportedly struggling financially, with media reports saying the company could not have continued without the investment.

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The new investors would be Raine Group and Temasek, plus existing backers Union Square Ventures, Doughty Hanson and Atlantic Technology. But after taking years to negotiate deals with the major record labels, the extremely late $9.99 SoundCloud Go+ subscription service flopped. In order to attract more subscribers for their upper-tier services, Trainor has said on his interview with Billboard that the company will focus on developing "robust creative toolkit".

SoundCloud and the uploads of its many rappers, producers, noise bands and nascent podcasts are safe, for now.

Now, according to the United States news and information website Axios' Dan Primack, a circular has been sent to existing SoundCloud shareholders, which requires them to accept or reject a reorganisation proposal by the end of the day.

The company has secured the investment and Trainor has taken on the position of CEO while Michael Weissman has been named COO.

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