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SoundCloud Raises New Funds; Names New CEO, COO

Streaming music app SoundCloud Friday announced that it received new funding.

The company in a blog post said that it raiced funds from media-focused investment bank Raine Group of New York and Singapore's sovereign wealth fund Temasek.

The tech company not reveal financial details of the funding.

"'m happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud. This financing means SoundCloud remains strong & independent. As I said, SoundCloud is here to stay," Alexander Ljung wrote on the blog.

The company also said it has appointed Kerry Trainor as CEO and Mike Weissman COO.

"After a decade of balancing the roles of Founder, CEO and Chairman I'm excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term. This, I know, sets us up as an even greater team for the decade(s) to come," Ljung said.

by RTT Staff Writer

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