Struggling music streaming service SoundCloud announced Friday that it had secured an emergency round of funding that would allow it to continue operating.

According to TechCrunch, the latest round of financing raised $169.5 million for the company from merchant bank Raine Group and Singapore investment firm Temasek.

"This financing means SoundCloud remains strong, independent and here to stay," wrote Alexander Ljung, SoundCloud's founder and chairman, in a blog post. Ljung will be replaced as CEO by former Vimeo chief Kerry Trainor, but Ljung will retain the chairman role. Mike Weissman will join the company as COO, and SoundCloud co-founder and CTO Eric Wahlforss will become SoundCloud's chief product officer.

SoundCloud has struggled in the face of competition from the much larger Spotify and Apple (AAPL) Music, and recently laid off 40% of its staff in a bid to cut costs. SoundCloud has often been mentioned as an acquisition candidate for companies such as Google (GOOGL) and Twitter (TWTR) ., and the latest injection of funds could stabilize the company enough to either continue operating independently, or make it an attractive takeover target. 

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