However, the new round of investment - which includes contributions from NY financiers The Raine Group and Singaporean company Temasek - represents the largest funding boost in the company's history, and should at least alleviate some of its woes as it looks for more ways to monetise its 40 million-strong user base, Ljung said in a statement.
SoundCloud was launched in 2008 and has never said how many paying subscribers it has, but launched a budget subscription package for hoping that will have more listeners to convert from its free service, which that also did not do well. But the SoundCloud did not reveal the amount of the investment. Kerry Trainor and Michael Weissman, former executives of video-sharing platform Vimeo, will also join the company as CEO and COO of SoundCloud respectively.
Amid rumours music streaming service SoundCloud was facing termination, chairman and founder Alexander Ljung claimed in a blog that "SoundCloud is here to stay" after the company secured much needed funding.
Iran hikes missile funds to hit out at USA sanctions
Deputy Foreign Minister Abbas Araghchi also voiced approval of Rouhani's administration for the bill. The vote came after fresh US sanctions in July against Iran, targeting Tehran's missile programme.
SoundCloud's future has appeared uncertain in recent months, with acquisition talks from both Spotify and Twitter falling apart, platform issues causing core users to flee, and a surprise cut of 40 percent of its workforce in July. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer.
According to Billboard, SoundCloud is banking on The Raine Group's extensive expertise in media to help achieve profitability, as it has previously taken stakes in Vice Media, Imagine Entertainment, and video news outlet Cheddar. This financing means SoundCloud remains strong, independent and here to stay. As part of the deal, SoundCloud will get a new CEO, the company announced in a press release.
Raine Group has been an active USA investor in media and entertainment properties.