SoundCloud has secured $169.5 million (£130.2m) in funding as a new team of executives take over at the digital music service.
The funding from the Raine Group and investment company Temasek will enable the struggling music platform to maintain its independence. Earlier this year, SoundCloud had warned that there was “material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern”.
Former Vimeo CEO Kerry Trainor takes over from founder Alex Ljung as chief executive. Michael Weissman has been appointed chief operating officer. Ljung will remain at SoundCloud as chairman of the company’s board.
“I’m very excited to join this talented team and build the next chapter of growth around SoundCloud’s mission to empower audio creators,” said Trainor. “I look forward to sharing more about our plan and path forward in the months ahead.”
SoundCloud recently reported that it had 170 million users.