Audio streaming platform SoundCloud has announced it’s secured the $169.5m worth of investment it needed to stay online.
Merchant bank The Raine Group, along with investment firm Temasek, stepped in to shore up the company, following a reorganisation proposal agreed by SoundCloud shareholders last week.
Under the deal, founder Alexander Ljung becomes chairman of the board while veteran digital media operators Kerry Trainor and Michael Weissman join the team as chief executive and chief operating officer respectively.
Trainor, who also joins the board, has 20 years of experience building music and video streaming products, most recently as chief executive of Vimeo, where he worked closely with Weissman.
It is hoped the investment will ensure an independent future for SoundCloud and fund deeper development and marketing of its core tools.
Ljung said in a statement: ‘Now in its 10th year, I’m proud to say SoundCloud stands as an indispensable part of global music culture.
‘I look forward to fully dedicating my time to leading the board and helping drive SoundCloud’s long term strategic vision, and forging strategic partnerships and connections with industry partners and our one-of-a-kind creative community. With Kerry’s love of music and sharp business acumen, I know SoundCloud is positioned for continued success for many years to come.’
The Raine Group has previously invested in a host of creative media and entertainment companies, including Vice Media, Imagine Entertainment, Important Studios and C3 Presents, owner and operator of music festivals Lollapalooza and Austin City Limits.
Merchant bank The Raine Group, along with investment firm Temasek, stepped in to shore up the company, following a reorganisation proposal agreed by SoundCloud shareholders last week.
Under the deal, founder Alexander Ljung becomes chairman of the board while veteran digital media operators Kerry Trainor and Michael Weissman join the team as chief executive and chief operating officer respectively.
Trainor, who also joins the board, has 20 years of experience building music and video streaming products, most recently as chief executive of Vimeo, where he worked closely with Weissman.
It is hoped the investment will ensure an independent future for SoundCloud and fund deeper development and marketing of its core tools.
Ljung said in a statement: ‘Now in its 10th year, I’m proud to say SoundCloud stands as an indispensable part of global music culture.
‘I look forward to fully dedicating my time to leading the board and helping drive SoundCloud’s long term strategic vision, and forging strategic partnerships and connections with industry partners and our one-of-a-kind creative community. With Kerry’s love of music and sharp business acumen, I know SoundCloud is positioned for continued success for many years to come.’
The Raine Group has previously invested in a host of creative media and entertainment companies, including Vice Media, Imagine Entertainment, Important Studios and C3 Presents, owner and operator of music festivals Lollapalooza and Austin City Limits.
