Cash-strapped SoundCloud gets new funds and top management

Cash-strapped SoundCloud gets new funds and top management

Cash-strapped SoundCloud gets new funds and top management

FRANKFURT (Reuters) – SoundCloud, the world’s most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this 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 New York and Singapore’s sovereign wealth fund Temasek [TEM.UL].It did not disclose the amount or its terms. Raine and Temasek were not immediately available for comment.

Källa: Cash-strapped SoundCloud gets new funds and top management

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