SoundCloud founder says company is 'here to stay' after it secures emergency funding

Amid rumours music streaming service SoundCloud was facing termination, chairman and founder Alexander Ljung claimed in a blog that 'SoundCloud is here to stay' after the company secured much needed funding.

According to Ljung, SoundCloud just wrapped up its largest financing round, receiving $170m (£135m) from The Raine Group and Temasek.

However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively.

As to why he is stepping down, Ljung said: "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 the Chairman and the long-term. This, I know, sets us up as an even greater team for the decade(s) to come."

"Over the last few weeks, I’ve been moved by the outpouring of commentary around SoundCloud’s unique & crucial role in driving what global culture is today (and what it will become tomorrow). You’ve told me how, without SoundCloud, there would be a giant gaping void in today’s world of music. We can’t have that, and I’m happy to once again say that won’t be happening," he continued.

The trouble started when Soundcloud cut 40% of staff, closing up shop in London and San Francisco. However, many artists have extend their support to SoundCloud on social media platforms with Chance the Rapper resonating the founder's view that it's 'here to stay.'