Cash-strapped SoundCloud gets new funds from Raine, Temasek

FRANKFURT (Aug 16): SoundCloud, the world's most popular streaming music app, but one that has struggled to find a profitable business model, said it received new funding on Friday, insulating it from potentially running out of cash this year.

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 New York and Singapore's state-owned investment fund Temasek.

It did not disclose the amount or its terms. Raine and Temasek were not immediately available for comment.

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