Startup 88tc88
ALSTIN, the investment company of German entrepreneur Carsten Maschmeyer makes a single-digit million Euro investment into the Chinese E-commerce platform 88tc88. Following a successful capital raise, ALSTIN holds a significant equity stake in the fast-growing company headquartered in Berlin and Beijing. Along with its B2C sales platform “Paishou88″, 88tc88 utilizes the existing market gap due to the absence of iTunes in the Chinese market.
88tc88 provides access to Western songs, lyrics, games, e-books and apps that can be downloaded at cost via its B2C sales platform “Paishou88″. The company has already closed multiple content agreements with music labels, artists and distributors. Despite high Chinese demand for Western songs and lyrics, the Chinese market has not yet been tapped by Western content providers.
“Thanks to our certified licensing processes with Chinese authorities and our distinguished technical platform, 88tc88 has strong credentials to rapidly develop into a significant music and app platform in China”, said 88tc88 CEO Thomas Reemer.
ALSTIN considers this investment a chance to tap the Chinese E-commerce market’s enormous growth potential. “Paishou88 attracts 350 million young Chinese and satisfies their strong demand for Western digital media. We trust 88tc88 to quickly gain popularity, especially through social networks”, said ALSTIN CEO Jörg Goschin.
“We are confident in Mr. Reemer’s highly motivated team to establish 88tc88 as the leading e-commerce platform for Western music and content in China”, said Carsten Maschmeyer.
88tc88 plans to use the collected funds for the expansion of its Chinese sales team as well as its business operations. Following the soft launch of its B2C platform “Paishou88″ the China-wide roll out of 88tc88 shall be accomplished by the end of this year.