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Soundcloud Receives Additional Funding To Maintain Operations; Names New CEO

Soundcloud receives additional funding to maintain operations; names new CEO

Kerry Trainor, former Vimeo CEO will take the Chief Executive position.

Streaming platform Soundcloud has announced they have accepted a 170 US$ million funding to continue its operations as an independent company.

During the last weeks, different music sources have been informing about the economic issues the Berlin-based platform has been involved at, including a 40% personal cutoff that took place in June, added to the related news that the company has been struggling to efficiently monetize its operation and reach expected financial outcomes.

Now they have confirmed a new CEO will be in charge as Kerry Trainor will be replacing former one and co-founder, Alex Ljung. Also another ex-Vimeo employee, Michael Weissman, was appointed as the Chief Operating Officer of SoundCloud.

The Raine Group and Temasek were the companies that gave the funding and took over 50% of the Soundcloud’s stocks.

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