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SoundCloud saved by emergency funding as CEO steps aside

SoundCloud has just closed the necessary funding round to keep the struggling music service afloat. CEO Alex Ljung will step aside though remain chairman as former Vimeo CEO Kerry Trainor replaces him. Mike Weissman will become COO as SoundCloud co-founder and CTO Eric Wahlforss stays as chief product officer. New York investment bank Raine Group and Singapore’s sovereign wealth fund Temasek have stepped in to lead the new Series F funding round of $169.5 million. SoundCloud laid off 40 percent of its staff last month, with 173 employees departing in…

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Crunch Report | Benchmark Sues Travis Kalanick

Benchmark sues former Uber CEO Travis Kalanick Facebook buys computer vision startup focused on adding objects to video Credits Written by: Tito Hamze, John MannesHosted by: Tito HamzeFilmed by:Tito hamzeEdited by: Tito Hamze Notes: I dont know what to wear on Crunch Report (Its a hard decision and I suck at dressing myself). If you are a startup andwant to me to wear something mail me an XL T-shirt and Ill wear it in an episode. Im not going to mention the company on the shirt in the episode but…

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SoundCloud faces do-or-die vote by investors

SoundCloud will soon collapse if investors dont vote for a rescue funding round tomorrow. The stumbling music streaming community site had to suddenly lay off 40 percent of its staff last month. Now itsasking investors for $169.5 million at a pre-money enterprise valuation of just $150 million, according to Axios reliable business editor Dan Primack.Thats a steep drop from the $700 million valuation of its previous rounds. If SoundCloud doesnt get the funding,CEO Alexander Ljung reportedly told investors that SoundCloud wont be able to continue as a going concern. That…

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SoundCloud says its going to survive, but how?

SoundCloud says its not going away. Im glad to hear that because I cant lose SoundCloud. Ever. Last week, SoundCloud announced layoffs of 173 employees (about half of its staff), as well as the closing of its offices in San Francisco and London. TechCrunchs Josh Constine later found out that those layoffs and other cost-cutting measures only gave SoundCloud enough runway to Q4. I took that to mean that SoundCloud was at risk of shutting down, but its CEO Alex Ljung says the company isnt going anywhere. Last week we…

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