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SoundCloud stays afloat with emergency investment, as CEO steps aside

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SoundCloud today announced that it has closed the investor round necessary to keep it going for the foreseeable future. As part of the agreement, Alex Ljung will step aside and former Vimeo leader Kerry Trainor will become SoundCloud’s new CEO, with Mike Weissman as COO. Ljung will stay on to “fully focus on the role of the chairman and the long-term.” Billboard reports the exact amount of the investment is $169.5 million, which, says Ljung, makes this infusion “the largest financing round in the history of SoundCloud.”

“the largest financing round in the history of SoundCloud”

“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…

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