Sony Innovation Fund invests in South African game firm Carry1st
The Sony Innovation Fund, Sony Group Corporation's venture capital arm, has invested in Carry1st, a South African gaming publisher.
Carry1st announced the first investment from Sony Innovation Fund: Africa yesterday.
Earlier this year, Sony established the $10 million Sony Innovation Fund: Africa, which seeks to invest in seed to early-stage entertainment sector start-ups across Africa.
The fund also invests in startups in the gaming, music, film, and content distribution sectors.
At the time Sony announced it will initially fund $10 million in such projects and it had also struck a collaboration deal with the International Finance Corporation to encourage the expansion of the African entertainment business.
Carry1st announced yesterday that Africa's gaming business has over 200 million unique users and is expected to reach a market size of more than $1 billion by 2024, owing to fast expanding technological adoption.
This data came out of research by games data platform, Newzoo and Carry1st.
Carry1st said: “While there is limited formal console presence, Africa presents an incredible growth opportunity for this sector, particularly with the rise of live services.”
Cordel Robbin-Coker, CEO and co-founder of Carry1st, added: "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.”
Likewise, Antonio Avitabile, managing director – EMEA, Sony Ventures Corporation, said: “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 management team to support the company’s growth and explore potential business opportunities with Sony Group companies.”