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Sony has made a significant investment in Carry1st, a South African video game studio based in Cape Town, as part of its effort to tap into the burgeoning gaming market in Africa. The investment, facilitated through Sony’s Innovation Fund venture arm, is aimed at leveraging Carry1st’s expertise to boost PlayStation’s footprint in the continent.
Cordel Robbin-Coker, CEO and co-founder of Carry1st, highlighted Africa as an underrated console market with substantial growth potential. With Sub-Saharan Africa’s gaming industry projected to exceed $1 billion in 2024, there is an increasing demand for gaming consoles, with countries like Nigeria, Morocco, and Algeria experiencing rising adoption.
The partnership between Sony and Carry1st seeks to explore various commercial opportunities, with a focus on expanding PlayStation’s reach in Africa. As part of the collaboration, Carry1st aims to assist Sony in implementing broader go-to-market strategies and digital payment solutions in the region.
Carry1st’s localized payment service, Pay1st, will facilitate African gamers in purchasing games using local infrastructure, bank accounts, and popular payment methods like M-Pesa and mobile wallets. The partnership also aligns with the evolving console business model, shifting from in-store payments to a more online experience, including digital downloads and in-app purchases.
Carry1st, known for developing social and casual puzzle-based mobile games tailored for the African audience, plans to launch its own original titles in 2024. The company has experienced significant growth, with revenues increasing nearly ninefold between 2021 and 2023. While details about Carry1st’s financials remain limited, the company has attracted funding from notable backers, including Andreessen Horowitz, Bitkraft Ventures, Google, Riot Games, and rapper Nas.
Sony’s investment in Carry1st is the first financial commitment from its flagship African venture fund, Sony Innovation Fund: Africa, launched in October 2023. The fund, with an initial allocation of $10 million, focuses on supporting early-stage startups in Africa’s entertainment industry.