Reports have surfaced that SoundCloud is set to sell stakes to boutique merchant bank the Raine Group in an effort to save itself from constant monetary issues.
As we’ve reported recently, SoundCloud has been forced to address constant rumours that the company is running out of funds. Despite denying these rumours, the company has still undergone extreme cost-cutting measures, with one of the most dramatic being the closure of its Australian office.
As Billboard reports, the Raine Group, a boutique merchant bank that has previously invested in Vice Media and Imagine Entertainment, have reportedly been in talks with SoundCloud for weeks, though at this stage, nothing has been finalised. The Raine Group are also expected to provide SoundCloud with advice and expertise that is expected to help the company return to profitability.
Bloomberg have also reported that SoundCloud are also undertaking similar talks with Temasek, Singapore’s state investment firm. Likewise, details of their talks with Temasek are yet to be finalised as well.