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Following reports earlier this week that angel investors had picked up a controlling stake in SoundCloud, the company has today confirmed a $169.5 million investment round from The Raine Group and Temasek.

As part of this transition, SoundCloud founder Alex Ljung will depart from his position as CEO, and will be replaced by Kerry Trainor, who was CEO of Vimeo during a rapid growth spurt between 2012 and 2016.

Despite his shifting role, Ljung seems optimistic about the platform’s future, noting that it “puts our company in a really great position to stay strong and remain independent.” He will stay on as chairman of the board, and his co-founder Eric Wahlforss will continue to serve as chief product officer, a role he transitioned to earlier this year.

As for his part, Kerry Trainor says he’s intent on maintaining SoundCloud’s base, even though during his tenure SoundCloud must surely move its focus onto growing the business. “SoundCloud is the largest open audio platform in the world,” Trainor said. “Millions of creators choose these tools to share their work with the world — that will remain at the focus and center of the company.”

That said, his success at Vimeo came largely from revenues made by creating value-added services to charge the filmmakers who used the platform’s free functionality, so let’s see what he does with SoundCloud first before getting too stoked.

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