Cash-Strapped SoundCloud Receives New Funding; CEO To Step Aside

www.oann.com | 8/12/2017 | Staff
TaylorShaye (Posted by) Level 3
FRANKFURT (Reuters) – SoundCloud has received a “substantial” new round of investment, the company said on Friday, insulating the popular online music streaming service from potentially running out of cash later this year, after laying off 40 percent of its staff in July.

The company said in a blog post that the new financing round was raised from media-focused investment bank Raine Group of New York and Singapore’s sovereign wealth fund Temasek [TEM.UL], without disclosing the amount of the funding or other terms.

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