Alstin, the investment company of German entrepreneur Carsten Maschmeyer has made an undisclosed single-digit million Euro investment into the Chinese E-commerce platform 88tc88. Alstin now holds a significant equity stake in the company which is headquartered in Berlin and Beijing.
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.
88tc88 is an online service that provides access to Western songs, lyrics, games and apps in China. The company is certified by the Chinese Ministry of Culture to self-approve Western content, adapt it to Chinese standards and offer it for download in China via its sales platform Paishou88. Since the company’s foundation in 2010, 88tc88 has secured contracts with Chinese mobile carriers, important Chinese web portals as well as numerous music labels.
ALSTIN – Alternative Strategic Investment GmbH
ALSTIN is a private, long-term-oriented investment company within the Maschmeyer Group in Hannover, Germany. The company focuses on innovative, fast-growing companies that already successfully operate in their respective markets. With many years of professional experience, ALSTIN offers its portfolio companies valuable support in matters of business development, add-on acquisitions and improvements of their marketing and sales efforts.