Game publisher Africa Web3 Carry1st raises $27 million

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Mobile game publisher Carry1st has closed a $27 million funding round to advance its digital content publishing and creation platform in Africa, a region that its backers say is ripe for adoption of Web3.

The $27 million funding round was led by Bitkraft Ventures with additional participation from Andreessen Horowitz, also known as a16z. TTV Capital, Konvoy, Alumni Ventures, Lateral Capital and Kepple Ventures also participated in the funding round.

The latest deal came a year after Carry1st secured $20 million in funding backed by Google parent a16z and Alphabet. At the time, Carry1st said the funding would go towards expanding internal capacity and growing its content portfolio. This included exploring Web3 games to earn money and integrating non-fungible tokens into the gaming experience.

A Carry1st spokesperson tells Cointelegraph that the latest funding will be used to expand the capabilities of Pay1st, the company’s monetization-as-a-service platform, which helps third-party publishers make more money in Africa. .

As a game publisher, Carry1st provides a complete solution to monetize and manage mobile games on the African continent. In 2022, the company partnered with Los Angeles-based Riot Games, the creator of League of Legends, to drive local payments for its game titles in Africa.

Related: Bitcoin Lightning Network will be used in fiat transfers between Europe and Africa

Africa has become one of the fastest growing digital asset markets in the world. The continents’ foray into crypto has even caught the attention of the International Monetary Fund, or IMF, which released a report in November highlighting the growing adoption in places like Kenya, Nigeria and South Africa. Citing data from Chainalysis, the IMF said crypto transactions on the continent peaked at $20 billion per month in mid-2021.

Crypto adoption in Africa is spearheaded by its young population, government mismanagement of the economy, and lack of effective banking infrastructure. As a result, more and more citizens are opting for decentralized payment systems like Bitcoin (BTC) and stablecoins.

Asked about the potential for Web3 adoption in Africa, a Carry1st spokesperson told Cointelegraph that the region is not unique in its appreciation of the game, but mobile technology will play a role in democratizing access to it. . “Games are the dominant form of media pretty much everywhere in the world. We don’t believe that Africans are fundamentally different from others in the world, we all need to have fun, connect with others and feel a sense of personal growth,” they said. said, adding:

“Mobile democratizes access to games in such a way that a person does not need a $1000 console to enjoy them, they can use a gaming device that already exists in their pockets. As a result, the Mobile gaming adoption has exploded in Africa due to impressive demographics, rising smartphone penetration and rising incomes.”

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