Mobile game publisher Carry1st has closed a $27 million funding round to boost its digital content creation and publishing platform in Africa, a region that its promoters say is ripe for Web3 adoption.
The $27 million funding round has been led by Bitkraft Ventures, with additional participation from Andreessen Horowitz, aka a16z. TTV Capital, Konvoy, Alumni Ventures, Lateral Capital and Kepple Ventures also participated in the financing round.
The latest deal came a year after Carry1st secured $20 million in financing backed by a16z and Google parent Alphabet. At that time, Carry1st stated that the funding would go towards expanding internal capacity and its content portfolio.. This included exploring play-to-earn Web3 games and integrating non-fungible tokens into the gaming experience.
A Carry1st spokesperson told Cointelegraph that the latest funding will be used to expand the capabilities of Pay1st, the company’s monetization-as-a-service platform, which enables third-party publishers to earn more money in Africa.
As a game publisher, Carry1st offers a complete solution for monetizing and managing mobile games on the African continent. In 2022, the company partnered with Los Angeles-based Riot Games, creator of League of Legends, to test local payments for its games in Africa.
Africa has become one of the fastest growing markets for digital assets in the world. The continent’s foray into cryptocurrencies has even caught the attention of the International Monetary Fund (IMF), which published a report in November highlighting growing acceptance in places like Kenya, Nigeria and South Africa. Citing data from Chainalysis, the IMF claimed that crypto transactions on the continent peaked at $20 billion a month in mid-2021.
Cryptocurrency adoption in Africa is driven by its young population, government mismanagement of the economy, and lack of efficient banking infrastructure. As a result, more and more citizens are opting for decentralized payment systems such as Bitcoin (BTC) and stablecoins.
When asked about the potential for Web3 adoption in Africa, a Carry1st spokesperson told Cointelegraph that the region is not unique in its appreciation of gaming, but that mobile technology will play a role in democratizing its access. “Gaming is the dominant medium of communication in almost the entire world. We do not believe that Africans are fundamentally different from anyone else in the world: we all need to have fun, connect with others and feel a sense of personal progression”they stated, adding:
“Mobile devices democratize access to gaming in such a way that a person doesn’t need a $1,000 console to enjoy, they can use a gaming device already in their pockets. As a result, mobile gaming adoption has skyrocketed. in Africa due to impressive demographics, increased smartphone penetration and increased revenue.”
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