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SoundCloud saved from closure by last minute emergency funding

But founder Alex Ljung will have to step aside as CEO...

SoundCloud has secured its future after the streaming service today secured emergency funding to carry on for the forseable future.

Yesterday, rumours began circulating online that if SoundCloud didn't strike today's deal the service could have been forced to closed down within 24 hours.

News of today's investment was broken via a blog post penned by SoundCloud founder, Alexander Ljung.

As part of the new financing agreement, Ljung will step down from his duties as the company's CEO, but will remain as Chairman, and will be replaced Kerry Trainor, who was formerly CEO of video platform Vimeo.

Also joining SoundCloud will be former Vimeo COO Mike Weissman who will take up the same position at SoundCloud.

Speaking about stepping down as CEO, a reflective Alexander Ljung wrote: "After a decade of balancing the roles of Founder, CEO and Chairman I’m excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term. This, I know, sets us up as an even greater team for the decade(s) to come."

On the company's future moving forward, Ljung bullishly wrote: "We’re all just getting started. The first 10 years are done, and now we’re onto decade II.

"SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life."

Last month, it was reported that SoundCloud only had enough money to carry on for another 50 days unless it secured more investment.

As part of ongoing restructuring, the streaming service was also forced to lay-off 40% of its workforce and close several of its international offices leading many to believe that SoundCloud's day's were numbered.