Online music service SoundCloud saved by $170 million investment

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The move comes amid ongoing concern about SoundCloud's ability to stay afloat, after massive layoffs and reports that the Berlin company was running out of money. Trainor is bringing his former Vimeo colleague Michael Weissman with him to take a role as SoundCloud's chief operating officer, while Ljung's co-founder Eric Wahlforss is staying on as chief product officer. Details are unclear at this stage, but during Trainor's tenure as CEO of Vimeo - a video streaming site popular with budding and established filmmakers - he employed monetization strategies that significantly raised the amount of video-sharing users and paying subscribers.

SoundCloud's struggles have been well publicized over recent months.

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 NY and Singapore's sovereign wealth fund Temasek.

"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators", said a representative for SoundCloud.

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Trainor is joining SoundCloud's board of directors, as is Raine Group partner Fred Davis, whose legal career has seen him work for clients including Spotify, YouTube, Last.fm and Rhapsody.

"If I could show to you the number of people who have been calling us, expressing fear about it going away, you would be shocked", said Fred Davis of the Raine Group. "No, absolutely not. 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 Chairman and the long-term".

"SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life", Ljung said.

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