The new investment keeps the Berlin-based company alive but comes with strings attached.
Ljung, who had previously held the title of CEO, will remain at the company as Chairman.
Along with the new investment, Ljung will step out of the role of CEO which will go to Kerry Trainor, who is best known for his time at Vimeo as CEO.
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"That's a great business", said Trainor, a former executive at Yahoo! Co-founder Eric Wahlforss will be chief product officer. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company". "SoundCloud can do more". The Unlimited offering, for a $15 monthly fee, lifts the cap on the amount of music that can be uploaded and provides more specific analytics.
SoundCloud was launched in 2008 and has never said how many paying subscribers it has, but launched a budget subscription package for hoping that will have more listeners to convert from its free service, which that also did not do well.
Nevertheless, the investments from the Raine Group and Temasek mean SoundCloud will stay independent. "We can't have that, and I'm happy to once again say that won't be happening", he continued.
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If you've been keeping up with SoundCloud lately, you know there have been some struggles.
"People are very passionate about seeing it succeed", Ljung told Billboard.
SoundCloud has accepted a $170 million cash infusion that will allow it to continue operating independently. "It's unique. We just closed out the first decade and created a really unique platform that impacts global music every day", said Ljung.
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I'm excited to also announce that this new partnership also brings talent to our SoundCloud family.