soundcloud

Former Vimeo head Kerry Trainor accepts new role as CEO as Soundcloud gets new funding to stay alive.

The SoundCloud death watch is over … for now. The troubled streaming platform accepted $170 million in new funding to remain independent.

According to Billboard, The Raine Group, a boutique merchant bank, joined with the Singapore-based investment company Temasek, in leading a $169.5 million investment round that infuses SoundCloud with much-needed cash.

“SoundCloud is the largest open audio platform in the world,” Trainor told Billboard. “Millions of creators choose these tools to share their work with the world — that will remain at the focus and center of the company.”

Trainor will replace outgoing CEO Alex Ljung who will still remain at the company and serve as chairman of the board. Co-founder Eric Wahlforss will also remain as the streaming platform’s chief product officer.

Troubles at the platform began when massive layoffs struck the company, followed by reports that they only had enough cash on hand to survive two more months. Chance The Rapper even got involved in an attempt to save the platform that hosted his first batch of mixtapes with ultimately the new investment coming in at the 11th hour.

“There is only one SoundCloud. It’s unique. We just closed out the first decade and created a really unique platform that impacts global music every day,” Ljung said. “I’m really excited about the next decade.”

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