Sony Consumer Electronics and Gaming announced it has invested an undisclosed amount via their Sony Innovation Fund venture arm in Cape Town-based video game studio Carry1st, currently in exploratory stages, said CEO Cordel Robbin-Coker of Carry1st.
This startup creates mobile games targeted to African gamers that generate revenue, as well as partners with Western game makers such as Activision to bring their titles into Africa.
Sony’s bet on Africa’s gaming industry
Sony Innovation Fund, a new investment vehicle launched by Japanese consumer electronics giant Sony, specializes in funding African games developers to expand the company’s presence in this underrated gaming market estimated to reach $1 billion by 2024.
This latest round will be used to develop, license and publish more mobile games as well as expand Pay1st – its monetisation-as-a-service solution – further. Riot Games and Activision Blizzard have already formed partnerships with this startup.
Carry1st was established in 2018 to serve the first generation of African smartphone users. Since its establishment, Carry1st has raised funding from top tier investors like Avenir Growth Capital and Google’s Africa Investment Fund as well as Andreessen Horowitz (a16z), Konvoy Ventures and Bitkraft Ventures – not forgetting South African mobile payment service Orange who have enabled Carry1st games reach over 140 Million customers across Africa!
Sony’s investment in Carry1st
Sony, one of the world’s top consumer electronics and gaming giants, is betting big on Africa’s booming video game industry. Sony recently made an investment in startup Carry1st and announced it will collaborate on commercial opportunities together – this exploratory deal was valued at an undisclosed amount.
Sony Innovation Fund: Africa made this investment as its inaugural financial commitment to an entertainment startup portfolio company. The fund specializes in early-stage startup investment.
Cordel Robbin-Coker of Carry1st believes Sub-Saharan Africa presents an underrated console opportunity, specifically citing Nigeria, Morocco and Algeria where console adoption is on the rise. His firm’s hyperlocal approach to games distribution — allowing gamers to purchase titles using local payments and infrastructure — has proven successful; additionally they created Pay1st which allows digital payments using mobile phones or other popular payment options in the region.
Sony’s partnership with Carry1st
Established in 2018, Carry1st is a mobile gaming publisher that serves the first generation of African smartphone users. The startup develops, licenses and publishes popular titles like Mine Rescue and SpongeBob: Krusty Cook-Off as well as providing its monetisation-as-a-service platform Pay1st.
The company boasts of its track record in helping Western video game developers expand their titles into Africa through partnerships with companies like Activision and Riot Games, with revenues increasing ninefold last year alone.
Sony, one of the world’s leading electronics producers, aims to expand its presence in tier-two markets where gaming business growth is evident. Since 2022, they have made various investments in African technology startups; most notably with launching the Sony Innovation Fund Africa to invest in early-stage startups; this fund has made over $27 million commitments thus far. They also sponsored an African gaming competition designed to foster inclusivity, sustainability and humanity within gaming.
Sony’s funding of Carry1st
Carry1st marks the inaugural investment made from Sony Innovation Fund: Africa, an entity funded by Sony Ventures Corporation’s venture capital arm and established to assist entertainment businesses in Africa.
Carry1st’s support by the fund underscores gaming’s increasing traction across Africa, particularly among younger generations. According to games market data providers Newzoo and Carry1st, sub-Saharan African gaming revenues could hit $1 billion by 2024.
Carry1st was established in 2018 to help mobile game developers expand their games across frontier markets by offering payments through local infrastructure and payment methods. Their platform offers a diverse set of payment solutions and has enabled clients like Activision Blizzard to monetize their African titles successfully.
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