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SoundCloud shareholders vote today on its future
11 August 2017, 08:40 | Cameron Gross
SoundCloud CEO Alex Ljung would be replaced if the company receives the new funding
The end may be nigh for music-streaming service SoundCloud.
Bloomberg then linked NY bank The Raine Group and Singapore's state investment fund Temasek to the company, reporting that both meant to pump money into SoundCloud.
If the deal goes through, former Vimeo CEO Kerry Trainor would replace founder and current CEO Alex Ljung, who will stay on as board chair, reportsRecode based on documents now circulation to potential investors. Eric Wahlforss, a co-founder of the SoundCloud, will remain with the company as chief product officer. Axios yesterday pegged the new round at $170 million, describing today as SoundCloud's "do or die day" to seal new funding. Ljung is now chairman of the board.
SoundCloud's new CEO, former Vimeo chief Kerry Trainor.
He says "there's an insane amount of noise about SoundCloud in the world right now". It also reportedly sought $1 billion in an acquisition deal past year, as some companies apparently showed interest.
"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", said Ljung in a blog post. If it's rejected, SoundCloud CEO Alexander Ljung suggested that the company would not be able "to continue as a going concern".
That arrangement - which seemingly cuts down SoundCloud's current valuation fourfold - needs the approval of existing shareholders, hence the memo.
SoundCloud has been an essential music platform for both independent and major artists.
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