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SoundCloud Plans to Replace its CEO as Part of a New “Do-or-Die” Funding Deal

Thursday Axios reported that SoundCloud is about to get new investment from the Temasek and Raine Group. The investment is estimated to be worth 170 million dollars. A part of this investment will help them pay previous debts which amounted to approximately 70 million dollars.

Among the changes to be made in the company is the replacement of current CEO and co-founder Alex Ljung. Although he may not act as CEO after accepting the investment, he will remain as chair of the SoundCloud’s board. His replacement will be Kerry Trainor, the former CEO at Vimeo.




There have been reports of late that SoundCloud has been undergoing financial challenges for a while. The company has closed down offices in San Francisco and London. Earlier in March, SoundCloud laid down 173 employees who make up 40 percent of its staff. Other top executives left the company before the layoff.

Despite the financial challenges, the founders of SoundCloud are determined to keep it strong by looking for funding to help them stay up.

Photo courtesy of SoundCloud

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Contributor: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

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Contributor: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

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