Sony Innovation Fund led strategic investment received by gaming startup Carry1st
The Sony Innovation Fund: Africa, the venture capital division of Sony Group Corporation, has made its first strategic investment in South African startup Carry1st, which is Africa’s top game publisher and digital commerce platform.
Established in 2018, Carry1st is a Cape Town-based mobile game publisher catering to the initial wave of African smartphone users, having amassed millions of users thus far.
The startup has launched games for gamers in Africa, including Africa Glam (Nanobit), Mancala Adventures, SpongeBob Krusty Cook-Off, Ludo Blitz, and Mine Rescue. It has also partnered with companies like Activision, Supercell, and Riot Games to help scale games like Call of Duty: Mobile and Valorant. In an effort to better monetize content, it has also introduced an online marketplace and proprietary payment system.
With more than $60 million in funding raised, Carry1st has investors including Andreessen Horowitz (a16z), BITKRAFT, Google, Riot Games, and Nas. As of late last year, Sony established the US$10 million Sony Innovation Fund: Africa with the goal of funding African entertainment startups. This is the fund’s first investment.
“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. Our distinct regional capabilities, paired with Sony’s expertise in gaming and entertainment, create a powerful combination. Together, we hope to bring the best games in the world to players across Africa.”
The goal of the Sony Innovation Fund: Africa is to foster the expansion of African entertainment companies. It makes investments in seed and early-stage companies in Africa’s entertainment market, including those in the video game, music, film, and content distribution industries. Sony is putting $10 million at first for these kinds of investments; the amount it is investing in Carry1st is not disclosed.
“We are excited to welcome Carry1st as our first investment in Africa,” said Antonio Avitabile, managing director for EMEA at Sony Ventures Corporation. “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.”
