SoundCloud has suffered the loss of two senior executives in quick succession as the music streaming service seeks to get itself into shape for a fundraising drive – amidst reports in the Financial Times that its cash reserves are beginning to peter out.
Marc Strigel, SoundCloud’s chief operating officer and finance director Markus Harder both headed for the exit door to pursue unspecified fresh opportunities.
Commenting on the media reports a SoundCloud spokeswoman said: "SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth."
SoundCloud has enjoyed some success amongst artists but has had much less success at enticing music labels to strike favorable licensing deals than rivals such as Spotify and Apple Music. As a consequence the company lost €48.7m euros after tax in 2015.
However, the Berlin-based start-up denies that the departures are connected to its precarious financial position and that it is fundraising as usual after raising $100m in June from investors.