SoundCloud is saved after receiving new funding

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

Multiple reports put the needed investment at $169.5 million based on a current pre-cash valuation of just $150 million. CEO and founder Alex Ljung was replaced by former Vimeo CEO Kerry Trainor.

The SoundCloud shutdown has had a last-minute reprieve, with a new financing round saving the popular podcast and music sharing site from its imminent demise. The company declined to share its new valuation with TheWrap. Even after a $70m bank loan helped keep it afloat earlier this year, the company was forced to make 40 per cent of its staff redundant and close its London and San Francisco offices this summer. Ljung will serve as chairman of SoundCloud's board, and Wahlforss as chief product officer. Thankfully, Soundcloud closed the necessary funding to stay afloat. According to a memo sent to shareholders by CEO Alexander Ljung, and published by Axios, if shareholders don't accept the reorganization proposal by the end of Friday, the streaming service could cease to "continue as a going concern". Trainor brings with him Michael Weissman, also from Vimeo, to serve as the company's chief operating offer. It also reportedly sought $1 billion in an acquisition deal previous year, as some companies apparently showed interest. Now, SoundCloud says, that's not a worry, though there'll be some changes ahead.

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"I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud", wrote Ljung in a company blog post. Today it's a platform essential to the shaping of songs, artists, genres and global culture. Moving forward it's unclear what plans SoundCloud has to better monetize its service.

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