The gaming market in Africa continues to grow as more creators, gamers and other stakeholders make significant investments in the industry.
In a report published in 2021, South Africa led the continent in the population that plays games at 40%. That year, Nigerians spent $185 million, while Ghana’s total was $42 million, while Kenya and Ethiopia spent $38 million and $35 million.
This is a clear indication that the gaming sector is among the tech-intensive industries that hold the greatest potential.
In South Africa, Carry1st, a publisher of social games and interactive content across Africa has announced a $27 million pre-Series B funding round. The funds will be used to expand its content offering, build its product, engineering, and growth teams, and recruit tens of millions of new users.
Carry1st, launched in 2018 has also attracted the funding of Google via its Africa Investment Fund and Avenir Growth Capital. The company raised $20 million last year in Series A funding.
The new round of funding was led by Bitkraft Ventures with participation from Andreessen Horowitz, TTV Capital, Alumni Ventures, Lateral Capital, Kepple Ventures and Konvoy.
“We now have, in our minds, the three best funds that focus on gaming and web3. And so it just adds even more resources, perspective and assistance to help us achieve our goals.” Carry1st CEO Cordel Robbin-Coker said in an interview.
Among popular games by the company is The President which has seen Carry1st’s revenues grow by 10x over the year.
Other areas where the gaming startup has also experienced growth include Carry1st Shop, its online marketplace for virtual goods, which, according to the company, allows customers across Africa to pay for content and 100+ products across 120 different payment methods, including bank transfers, crypto and mobile money.