News - 13/08/2017

SoundCloud secured new investments

SoundCloud secured new investments

SoundCloud has secured new investment from merchant bank The Raine Group and investment firm Temasek, with former Vimeo boss Kerry Trainor taking over as CEO as part of the deal.

SoundCloud's existing CEO, co-founder Alexander Ljung, will be staying at the company as chairman of the board. Trainor is bringing his former Vimeo colleague Michael Weissman with him to take a role as SoundCloud's chief operating officer, while Ljung's co-founder Eric Wahlforss is staying on as chief product officer.

The company in a statement said:

The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators.

Details of the investment's terms have not been announced, although reports suggested that the $169.5m of new funding valued SoundCloud at just $150m.

The announcement also included some new figures: SoundCloud says its total revenue has "more than doubled, to a more-than $100m annual run-rate this year", while its catalogue has now increased to more than 160m tracks.

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