SoundCloud shareholders vote today on its future

SoundCloud CEO Alex Ljung is fighting to keep the company alive

The new funding round valued the music streaming company at $150 million, compared with the $700 million valuation it was said to have received past year. The company, which laid off 40 percent 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. Ljung isn't saying how much, exactly, was raised, though he does say that it was the largest financing round in the site's history.

As reported by TechCruch, CEO Alex Ljung has stepped down and former Vimeo CEO Kerry Trainor will replace him.

Co-founder of Soundcloud, Alexander Ljung, will be stepping down from his position as the CEO of the company but will remain as a chairman of Soundcloud's board and other co-founder, Eric Wahlforss will be the chief product officer. The newswire said that although the two new investment deals were separate, the new investors would between them control more than half of SoundCloud's stock.

SoundCloud tried to enter the music subscription market with the debut of SoundCloud Go previous year, but struggled to compete with the likes of Spotify and Apple Music.

SoundCloud's future was thrown into doubt after the company laid off 173 employees. In order to attract more subscribers for their upper-tier services, Trainor has said on his interview with Billboard that the company will focus on developing "robust creative toolkit".

"Now in its 10th year, I'm proud to say SoundCloud stands as an indispensable part of global music culture". And, just a few weeks back, group of volunteer archivists started backing up the whole of SoundCloud in case it all of the sudden vanished - along with 1 million GB worth of music. For more information, visit: soundcloud.com. Its investment activities are guided by four investment themes and the long term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions.

Soundcloud declined to share the valuation or amount of new funding round.

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