SoundCloud’s investors just approved a life-saving $170 million emergency fund. Here are all the details. SoundCloud just bought a few more months of life. But existing CEO Alex Ljung will no longer be running the show.
The emergency funding was given the green light this morning, according to details confirmed by company investors to Digital Music News. As reported on Thursday, incoming investors The Raine Group and Temesek led the emergency round, though they demanded preferential terms.
This is a risky bailout, so special demands are in order. Specifically, Raine and Temesek will receive first dibs on cash if SoundCloud gets sold, liquidates, or implodes. Those are all very real possibilities.
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