(Yicai Global) March 12 -- Celebrity management agency Mountain Top Entertainment has finished its CNY180 million (USD25.8 million) B-round financing from its sole investor Bytedance Technology, Mountain Top announced today.
The company will develop its intellectual property management and digitization business and engage in overall strategic cooperation with Beijing-based entertainment operator Bytedance, which owns the popular TikTok video platform known as Douyin in China, now that the round has concluded, per the announcement.
Beijing-headquartered Mountain Top's Harvard-educated Chief Executive Yang Ming is the largest shareholder with a 48.52 percent stake, and Bytedance's Quantum Jump Technology unit is the fourth-largest with an 8.55 percent stake. AB Capital, Guangdian Capital, ZhenFund and Lighthouse Capital are also company shareholders.
Formed in 2014, Mountain Top provides cultural and entertainment brokerage and IP agency services and organizes cultural and artistic exchanges. It has penned contracts with nearly 50 popular entertainers with a cumulative 500 million-plus fans, and they have starred in around 150 films, TV series and variety shows.
The company has invested in nine films and TV series, including international blockbuster 'The Wandering Earth.' Movies it has invested in have grossed over CNY5.5 billion (USD789 million) in box office take.
Formed in 2015, Mountain Top is a celebrity management agency that aims to create a new entertainment economy economy. The firm has a strong artist resource base and seeks to chart an alternative course to the conventional star agency to eliminate the barrier between the entertainment sectors and others, According to its billing on online company database Crunchbase.
Editor: Ben Armour