Struggling music-streaming company SoundCloud is nearing deals with two private equity firms, according to Bloomberg. The investments would be separate transactions, and combined the firms would own more than 50% of the Berlin-based business, per the report.
Once one of the most heralded startups in Europe, SoundCloud has had a troubled run of late. Earlier this month, the company shut down its London and San Francisco offices, laid off 40% of its workforce and was believed to have only enough cash to survive through this year. New funds, of course, would give the company much-needed runway.
How did SoundCloud get to this point? We've recapped the company's tumultuous year.
Article by PitchBook