Music service SoundCloud has agreed to raise funds necessary for the continued existence of the company.
The exact amount of investment is not reported, but in the blog the company stressed that it was the largest funding round in the history of the service. According to Reuters, the company received from new investors $ 170 million. Earlier edition Axios reported that the company is going to attract 169,5 million dollars if the total assessment to $ 150 million. Investors made the us investment Bank The Raine Group and Singapore venture capital Fund Temasek.
The company also announced that Alex Leung will leave the position of CEO, but will retain the post of Chairman of the Board. His place will be former CEO of Vimeo Kerry Trainor, he will also join the Board of Directors.
SoundCloud is experiencing financial difficulties from the beginning of 2017. In January, the company announced that it lacks funds to continue activities until the end of the year. In July, the company laid off 173 employees to reduce expenses.