(MENAFN) The largest streaming music app in the world, SoundCloud had received new funding on Friday, after it was struggling to find a profitable business model.
After the company had laid off 40% of its staff in July, it said in a blog that the financing was raised from media-focused investment bank Raine Group of New York and Singapore's investment fund Temasek .
While it did not disclose the exact amount or its terms, Raine and Temasek were not available to comment.
Although, sources related to the matter said it amounted to around USD170mln, which had obtained the deal's term sheet.
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