Following the transaction, ALSTIN, the investment firm of German entrepreneur Carsten Maschmeyer, will hold a significant equity stake in the company.
The company plans to use the funds to expand its Chinese sales team as well as its business operations. Following the soft launch of its B2C sales platform Paishou88, the China-wide roll out of 88tc88 shall be accomplished by the end of this year.
Founded in 2010 and led by CEO Thomas Reemer, 88tc88 provides access to Western songs, lyrics, games, e-books and apps that can be downloaded via Paishou88. The company has already closed multiple content agreements with music labels, artists and distributors.