Home Venture Capital Game Publisher And Digital Commerce Platform Carry1st Becomes The First Investment To...

Game Publisher And Digital Commerce Platform Carry1st Becomes The First Investment To Come Out Of The Sony Innovation Fund In Africa

57
0

Sony is betting big on Africa’s video game industry.

According to a press release, Carry1st — an African game publisher and digital commerce platform established in 2018 by Cordel Robbin-Coker, Lucy Hoffman, and Tinotenda Mundangepfupfu — has scored a financial commitment from the Sony Innovation Fund, the venture capital arm of Sony Group Corporation.

This follows nearly nine months of conversations between Robbin-Coker and the Sony Innovation Fund: Africa, per CNBC.

Furthermore, this is the firm’s first investment in Africa and a strategic move as Sub-Saharan Africa’s gaming industry is projected to earn more than $1 billion in 2024, according to data from Newzoo and Carry1st shared in the press release.

“We are excited to welcome Carry1st as our first investment in Africa,” said Antonio Avitabile, Managing Director – EMEA, Sony Ventures Corporation, in a news release. “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. We look forward to working closely with Carry1st’s world-class management team to support the company’s growth and explore potential business opportunities with Sony Group companies.”

Robbin-Coker also added, “We are thrilled to join forces with Sony Innovation Fund: Africa. 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. Our distinct regional capabilities, paired with Sony’s expertise in gaming and entertainment, creates a powerful combination. Together, we hope to bring the best games in the world to players across Africa.”

Looking ahead, the deal will pave the way for the partnership to create numerous commercial opportunities, CNBC reports. At the moment, the partnership is in the “exploratory stages.”

“As large companies like Sony that have really strong footholds in tier-one and tier-two markets start thinking about where the next billion customers and gamers are going to come from, our pitch is that Africa is a prime market for that,” Robbin-Coker told CNBC in an interview. “We believe very firmly that there is an incredibly underrated console opportunity in Africa.”

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here