By
Bena Ilyas
May 10th, 2024
As per the 2021 report prepared by Carry1st and Newzoo, the world will see an impressive 275% increase in the number of gamers over the next decade in Sub-Saharan Africa.
In its Series A extension round organized by Carry1st, the South African Web3 game’s publisher, the company received about $20 million in funds from industry leaders like Andreessen Horowitz, Google and Avenir. Some other notable names among the investor list include Nas and the founders of Yield Guild Games, Chipper Cash and Sky Mavis. This funding round was a continuation of Carry1st’s original Series A that took place in May 2021 and had seen participation from investors like Konvoy Ventures, TTV Capital, Riot Games and Raine Ventures.
Carry1st All Set to Constructively Use the New Funds
The funds raised by Carry1st will be used judiciously to consolidate and enlarge the company’s current portfolio of products and grow its teams. It also targets to multiply its user base with the help of enhanced products using the funds. As per the company’s statement, it will obtain new users through collaborations with other studios and plans to enter the Web3 ecosystem by developing play-to-earn gaming for the African market.
It wants to bring together gaming, Web3 and the booming crypto market to bear the maximum fruits at their intersection. Its strategic partners in this journey support each capability that Carry1st plans to perfect. With a16z, it will utilize the firm’s gaming and Web3 expertise. Google will ensure Carry1st is able to deepen its engagement and operations in the African gaming market thus capitalizing on the country’s growing tech adoption. Avenir, on the other hand, with its big move into the African fintech will help support Carry1st’s entry into the fintech market.
Why Africa?
Several studies have confirmed that the African continent is the next big market when it comes to gaming and related industries. It is home to the fastest-growing mobile gaming market globally backed by the 1.1 billion Millennial and Gen Z groups that are fast adopting the new technology. Leading the charts in terms of mobile download numbers and providing better monetization opportunities, it is no surprise that the gaming firm decided to set roots in the continent.
As per the 2021 report prepared by Carry1st and Newzoo, the world will see an impressive 275% increase in the number of gamers over the next decade in Sub-Saharan Africa. This will result in a whopping 728% growth in the market revenue. The African gaming market needs a structured infrastructure to support both local and international gaming companies to distribute and market their products better and that’s where Carry1st will make the most impact.
About Carry1st
Carry1st is a South Africa-based social games and interactive content publisher that aims to become the leading consumer internet company in the continent. It originally started operations as a game studio conceptualizing, developing and launching mobile games but with time, assumed a publishing role in addition to handling marketing and operations as well as distribution. Cordel Robbin-Coker, Lucy Hoffman and Tinotenda Mundangepfupfu were the real architects of the firm and together they established it in 2018. It currently employs approximately 37 people across 18 countries.
Apart from offering a full-stack publishing solution, the company also handles other profiles for its partners like user acquisition, operations, monetization and community management. Its online marketplace, Carry1st Shop, where it sells virtual goods was launched soon after the Series A round. This marketplace lets you buy digital goods like airtime, entertainment vouchers, gaming currency, mobile data, etc. Its major gaming partners include Tilting Point, Krusty Cook-Off, CrazyLabs and Raketspel.
The company’s partnerships with firms like Chipper Cash and PayPal helped to provide secure transactions in addition to letting them use local payment options like bank transfers, crypto or mobile money.