Soundcloud, the digital music service, was thrown a life jacket by a bank and a Singapore investor.

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.

Former Vimeo CEO Kerry Trainor succeeds founder Alex Ljung as chief executive, and Michael Weissman, another former executive at the video platform, was named SoundCloud's chief operating officer.

"All of this together — the capital, the capital partners — with Kerry and Mike joining our team — it puts our company in a really great position to stay strong and remain independent," Ljung said in an interview with Billboard. "We see a strong, independent future for the company."

Soundcloud will remain an independent company, but will establish a entirely new group of executives to run the business.

Photo credit: AP

Leave a Reply

Or

Your email address will not be published.