Cape Town-based video game studio, Carry1st, has secured a significant investment from Sony through its venture arm, the Sony Innovation Fund.
The strategic collaboration aims to unlock a multitude of commercial opportunities within Africa’s burgeoning gaming market, which is projected to surpass $1 billion in 2024.
Carry1st specializes in developing captivating mobile games tailored to the African audience, and the studio has ambitious plans to launch its own original titles in the near future.
This investment aligns with Sony’s strategy to expand the presence of its popular PlayStation brand in Africa and tap into the region’s rapidly growing console adoption rates.
Cordel Robbin-Coker, CEO, and co-founder of Carry1st, expressed his belief that Africa presents a prime market for gaming growth, particularly as major companies like Sony seek to tap into the next billion gamers. He highlighted countries such as Nigeria, Morocco, and Algeria as experiencing a significant rise in console adoption.
One key aspect of the partnership involves leveraging Carry1st’s expertise to support Sony in expanding PlayStation’s footprint across the African continent. Sony has set an ambitious target to sell a record-breaking 25 million PlayStation 5 units in the 2023 fiscal year, and this investment in Carry1st reflects their confidence in Africa’s potential as a major driver of PS5 sales.
Robbin-Coker emphasized that Carry1st is well-positioned to capitalize on the evolving console business model, which has shifted towards online experiences, digital downloads, free-to-play games, and in-app purchases.
Carry1st’s localized payment service, Pay1st, enables African gamers to conveniently purchase games using local infrastructure, bank accounts, and popular payment methods like M-Pesa and mobile wallets.
Additionally, Carry1st operates an online marketplace for games and add-on content, providing game makers with a platform to monetize their creations.
Carry1st’s remarkable growth trajectory is underpinned by its partnerships with industry giants such as Activision, Supercell, and Riot Games, enabling the studio to bring popular Western game franchises like “Call of Duty: Mobile” and “Valorant” to African gamers.
Notable titles developed by Carry1st include “Mancala Adventures,” “SpongeBob Krusty Cook-Off” in collaboration with Nickelodeon, “Ludo Blitz,” and “Mine Rescue.”
Sony’s investment in Carry1st marks the first financial commitment of its flagship African venture fund, the Sony Innovation Fund: Africa, which was launched in October 2023 with an initial $10 million allocation from Sony Ventures Corporate.
Antonio Avitabile, Managing Director for EMEA at Sony Ventures Corporation, expressed excitement about the investment, emphasizing the tremendous untapped potential of the African gaming market.
Avitabile looks forward to working closely with Carry1st’s exceptional management team to support the studio’s growth and explore potential business opportunities with other Sony Group companies.
The investment from Sony adds to Carry1st’s already impressive list of venture backers, including Andreessen Horowitz, Bitkraft Ventures, Google, and rapper Nas, who have collectively provided $60 million in funding to date.
As Sony and Carry1st forge ahead in their partnership, the stage is set for Africa’s gaming industry to flourish, opening up new avenues for innovation, entertainment, and economic growth on the continent.
