The company, which laid off 40% 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
FRANKFURT: SoundCloud, the world’s most popular streaming music app but one that has struggled to find a profitable business model, said it has received new funding, insulating it from potentially running out of cash this year.
The company, which laid off 40% 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.
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