SoundCloud raised new $170 million

SoundCloud raised a new US$170 million funding to reorganize the company. The music streaming platform that was established in 2007 will replace CEO Alex Ljung with former CEO Vimeo Kerry Trainor and appoint Mike Weissman as the new COO as part of the deal. Ljung said the new funding is the biggest in SoundCloud's history.

Tinuku SoundCloud raised new $170 million

"From all this, funding and joining Kerry and Mike into the team, put the company in an excellent position to continue strong and independent," Ljung said in a statement.

Trainor, said he would pay more attention to the creators, including developing a powerful creative tool for unlimited services within the SoundCloud platform to attract more musicians and strengthen subscription services.

"Millions of creators choose this tool to share work around the world and this will remain the focus of the company," Trainor said.

Previously, SoundCloud was having financial problems and was rumored bankruptcy. Mid-July, they reportedly dismissed 40 percent of staff without notice. Then they reportedly have only mediocre funds to survive until the fourth quarter of 2017.

This new funding will extend operations and look for more ways to increase company growth. In addition, the music creators also need not worry anymore with the content they have uploaded on the platform.