SoundCloud survives to fight another day!
A recent report from Music Business Worldwide writes that a pair of mystery investors have purchased stake in the platform for $150-160 million at a $300 million valuation. This is a majority stake.
The two investors are rumored to be The Raine Group and Temasek Holdings.
The 2017 valuation is quite a blow considering the site was once valued at $1 billion only three years ago.
However, new reports showed that the platform only had enough funds to stay alive for about fifty-day period. This new purchase is nothing short of a miracle.
SoundCloud has been an emotional and fiscal roller coaster the last few years. Let’s hope it survives this too.