The company, which laid off 40% of its staff in July, said in a blog post that the financing was raised from media-focused investment bank Raine Group of NY and Singapore's sovereign wealth fund Temasek.
Details of the investment's terms have not been announced, although yesterday reports suggested that the $169.5m of new funding valued SoundCloud at just $150m.
The struggling audio-hosting startup SoundCloud has secured a financial lifeline, with two investors putting up nearly $170 million to help the company stay afloat, according to Billboard.
Trainor is joining SoundCloud's board of directors, as is Raine Group partner Fred Davis, whose legal career has seen him work for clients including Spotify, YouTube, Last.fm and Rhapsody. "This, I know, sets us up as an even greater team for the decade (s) to come". No, absolutely not. After a decade of balancing the roles of Founder, CEO and Chairman I'm excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term.
"As a huge fan of the SoundCloud platform since its founding, I deeply admire what Alex and Eric have built", said Trainor.
SoundCloud last reported about 170 million users and saw significant increases in creator subscriptions, uploads, listening time and listener subscriptions over the past 12 months.
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