Ljung won't be leaving the company, he confirmed in a blog post, but will remain in the role of chairman in "the long-term."
SoundCloud's new CEO will be former Vimeo CEO Kerry Trainor, who stepped down in August last year. The new COO is another Vimeo alumnus, Mike Weissman, who held the same position at the video company but quit to join SoundCloud.
Ljung didn't say how much the company had raised, but said it was the biggest in the company's history. That means the new round is larger than the $70 million (£53.9 million) in debt funding it raised in March. Axios yesterday pegged the new round at $170 million (£130 million), describing today as SoundCloud's "do or die day" to seal new funding.
This is a developing story...
This post originally appeared on Business Insider.