The amount of the deal was not disclosed. In conjunction with it, veteran digital media operators Kerry Trainor and Michael Weissman will join the SoundCloud team respectively as Chief Executive Officer and Chief Operating Officer.
Fred Davis, a partner at Raine, will join the SoundCloud board along with Joe Puthenveetil, a Vice President at Raine.
The company will use the funds to expand its development and marketing efforts.
Co-founded by Alexander Ljung and Eric Wahlforss, who will both remain with the company as Chairman of the Board and as Chief Product Officer, respectively, SoundCloud provides platform that lets users stream, share, discover music and audio content from millions of audio creators—musicians, DJs, producers, labels, managers and podcasters.
New CEO Trainor will also join SoundCloud’s Board of Directors. He has 20 years of experience building and leading music and video streaming products, most recently as Chief Executive Officer of Vimeo. New COO Weissman worked closely with Trainor at Vimeo.