Sony’s $10m Africa fund makes first investment in Carry1st
TLDR
- Sony Innovation Fund: Africa, a $10 million fund, has made its first investment in Carry1st, a prominent African game publisher.
- Carry1st specializes in mobile games and has expanded to licensing and publishing games from other developers.
- With Sony's investment, Carry1st aims to bring the best games in the world to players across Africa, enhancing gaming opportunities in the African market.
Three months after its launch, the Sony Innovation Fund: Africa, a $10 million fund, has made its inaugural investment in Carry1st, a prominent African game publisher.
Carry1st, launched in 2018 as a game studio specializing in mobile games like Carry1st Trivia, later expanded its scope to include licensing and publishing games from other developers. The Cape Town-based startup also developed Pay1st, a platform for monetizing their games and other publishers' games.
With Sony's investment, the amount remains undisclosed, Cordel Robbin-Coker, co-founder and CEO of Carry1st, expressed that it will enable them to "bring the best games in the world to players across Africa." This investment signifies a strategic move to enhance gaming opportunities and experiences in the African market.
Key Takeaways
Sony's Africa-focused fund is a significant boost to the continent's entertainment and gaming-focused technology startups, which have faced challenges in accessing consistent venture capital. Several factors are driving growth in the continent’s gaming market, including the widespread use of smartphones, improved Internet access, and the introduction of high-bandwidth network connectivity such as 5G. These developments have fueled the expansion of mobile gaming in Africa, leading to increased demand and growth. The African video game market is forecasted to generate around $4.28 billion in revenue this year. Looking ahead to 2027, with an expected user base of 212.7 million in the African video game market, the projected market volume is anticipated to reach $5.42 billion, reflecting an annual growth rate of 8.17%.
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