Carry1st, a South African mobile games and interactive content publisher, has raised $20 million in Series A extension funding. The round was led by Andreessen Horowitz (a16z), marking the firm’s first investment in an Africa-based company. Other contributors included Avenir, Google (via its Africa Investment Fund), and notable individual investors such as Nas and the founders of Chipper Cash, Sky Mavis, and Yield Guild Games.
This extension builds upon the company’s earlier Series A round, which included investments from Riot Games, Konvoy Ventures, Raine Ventures, and TTV Capital, all of whom doubled down on their commitment.
Transforming the African Gaming Space
Founded in 2018 by Cordel Robbin-Coker, Lucy Hoffman, and Tinotenda Mundangepfupfu, Carry1st has evolved from a game development studio to a publishing powerhouse. The company focuses on distribution, marketing, and operations for mobile games across Africa, providing partners with tools to localize and monetize content effectively.Carry1st has signed publishing agreements for seven games from six global studios, including Tilting Point, which launched SpongeBob: Krusty Cook-Off in Africa. Its monetization platform supports a variety of payment methods, such as mobile money, crypto, and bank transfers, making it easier for African users to access virtual goods and services.
A Growing Ecosystem of Interactive Content
The company’s online marketplace, Carry1st Shop, enables users to purchase virtual goods such as gaming currency, mobile data, and grocery vouchers. Since its launch, the marketplace has seen rapid growth, particularly in South Africa and Nigeria.
With gaming revenue rising steadily, Carry1st plans to use this new funding to expand its content portfolio, grow its product and engineering teams, and acquire millions of new users. The company also aims to explore co-development opportunities with studios and venture into play-to-earn gaming, integrating blockchain-based features like NFTs and cryptocurrency payments.
Positioning Africa as a Gaming Hub
Africa’s burgeoning tech-savvy population is set to drive substantial growth in the gaming sector. According to a report by Carry1st and Newzoo, the number of gamers in sub-Saharan Africa is expected to grow by 275% over the next decade, with gaming revenues projected to increase by 728%.Carry1st’s focus on the intersection of gaming, fintech, and web3 positions it to tap into these emerging opportunities. The new investment also reflects confidence in the company’s ability to replicate successes seen in other global markets.
A Strategic Path Forward
This funding round brings a mix of expertise in gaming, fintech, and blockchain. Andreessen Horowitz offers deep insights into web3 and gaming, while Google’s presence in Africa supports increased engagement.
Avenir continues its focus on fintech investments in the region, bolstering Carry1st’s ability to execute its vision.
Robbin-Coker emphasized the importance of this backing, stating, “We’re excited about the strategic partnerships this group of investors brings. Their expertise validates our vision and sets us on the path to becoming a leader in Africa’s digital ecosystem.”Carry1st’s trajectory highlights the potential for African startups to play a significant role in the global gaming and fintech industries, fostering innovation and economic growth across the continent.
