Video game publisher and digital commerce platform Carry1st has announced a strategic investment by Innovation Fund, the venture capital arm of Sony Group Corporation to support the growth of entertainment businesses in Africa.
The African gaming industry boasts over 200 million players and is projected to achieve a market size exceeding $1 billion in 2024, as indicated by data from Newzoo and Carry1st. Despite its limited number of console users, the continent has a promising growth opportunity especially with the surge in live services.
“We are thrilled to join forces with Sony Innovation Fund: Africa," said Cordel Robbin-Coker, CEO and co-founder of Carry1st. “The relationship will help Carry1st to drive the future of gaming in Africa. At Carry1st, we believe that the African console market is a massively underestimated opportunity."
An untapped market
The CEO adds that by combining the company's regional strengths with Sony's gaming and entertainment expertise forms a formidable alliance as they aim to deliver the “best games in the world to players across Africa".
Antonio Avitabile, managing director – EMEA, Sony Ventures Corporation commented, “We are excited to welcome Carry1st as our first investment in Africa. We believe there is tremendous untapped potential for the gaming market in Africa, which we hope to experience and contribute to through our investment in Carry1st."
Established in 2018, Carry1st was co-founded by Tinotenda Mundangepfupfu, Lucy Hoffman, and Cordel Robbin-Coker. Last year, the company also raised $27 million in a funding round led by Bitkraft Ventures