Carry1st is a technology company.
Carry1st has raised $53.0M across 3 funding rounds.
Carry1st has raised $53.0M in total across 3 funding rounds.
Carry1st has raised $53.0M in total across 3 funding rounds.
Carry1st's investors include Alumni Ventures, Andreessen Horowitz, BITKRAFT Ventures, Konvoy Ventures, M13, Maveron, Pioneer Fund, Transcend Fund, Upfront Ventures, Furqan Rydhan, Jaroslav Beck, Kevin Lin.
Carry1st is Africa's leading mobile game publisher and digital content distributor, founded in 2018 and headquartered in Cape Town, South Africa.[1][2][3][4] The company develops, licenses, and publishes mobile games tailored for African players, monetizing them via a proprietary fintech platform that handles payments from over 200 local methods, while also operating an online shop for game top-ups, gift cards, and vouchers in markets like Nigeria, South Africa, Kenya, Ghana, Egypt, and Morocco.[1][3][4][5] It serves the booming mobile gaming sector in Africa—projected to reach over 180 million gamers in sub-Saharan Africa in the next five years—solving key challenges like payment friction, fraud, FX complexities, and localized user acquisition to unlock monetization in frontier markets.[1][3][4] With $57.5M raised across Series A-IV rounds from investors including Andreessen Horowitz, Bitkraft Ventures, Google, and Riot Games, Carry1st demonstrates strong growth momentum, including a recent $27M raise and operations at the intersection of gaming, fintech, and web3.[1][3]
Carry1st was founded in 2018 as ADG Technology Inc. by entrepreneurs targeting Africa's underserved mobile gaming market, operating under the Carry1st name from Cape Town.[1][2] The idea emerged from recognizing the continent's youthful, digitally native population—home to the world's largest group of young people—where mobile gaming is poised for explosive growth amid rising tech adoption, yet hampered by poor payment infrastructure and localization gaps.[3][4] Early traction came from building a game studio model that evolved into full-spectrum publishing, fintech-enabled monetization, and a digital shop, backed by blue-chip investors who validated its vision for scaling content in high-potential frontier markets.[1][3][4] Pivotal moments include multiple funding rounds totaling $57.5M, with a standout $27M Series A from Bitkraft and a16z, fueling expansion across key African countries.[1][3]
Carry1st rides the mobile gaming surge in Africa, fueled by a young population (largest globally) adopting smartphones and data affordably, with sub-Saharan gamers expected to exceed 180 million soon.[1][3][4] Timing is ideal as 5G rollout, cheaper devices, and rising disposable incomes amplify demand, while global hits like PUBG Mobile prove pent-up appetite despite monetization barriers.[3] Market forces like fintech proliferation (e.g., mobile money) and web3 experimentation favor Carry1st's integrated model, which localizes content and solves "hard problems" in payments and distribution that deter Western studios.[1][3][4] It influences the ecosystem by building infrastructure—publishing pipelines, shops, and payment rails—that empowers local developers, attracts international titles, and positions Africa as a gaming powerhouse, much like how platforms scaled entertainment in emerging Asia.[4]
Carry1st is primed to dominate African mobile gaming by deepening fintech integrations, expanding web3 features, and launching more localized titles amid 200M+ gamer projections.[1][3] Trends like AI-driven personalization, esports growth, and pan-African payment networks will accelerate its trajectory, potentially valuing it as a unicorn with global partnerships.[1][4] Its influence could evolve from publisher to full ecosystem builder, inspiring a wave of African gaming unicorns and redefining frontier market tech. This frontrunner in Africa's digital entertainment boom started with a simple insight—gaming thrives where infrastructure catches up—and it's executing flawlessly.[3][4]
Carry1st has raised $53.0M across 3 funding rounds. Most recently, it raised $27.0M Series B in January 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jan 1, 2023 | $27.0M Series B | Alumni Ventures, Andreessen Horowitz, BITKRAFT Ventures, Konvoy Ventures, M13, Maveron, Pioneer Fund, Transcend Fund, Upfront Ventures, Furqan Rydhan, Jaroslav Beck, Kevin Lin, Rikard Steiber | |
| Jan 1, 2022 | $20.0M Series A | Alumni Ventures, Andreessen Horowitz, Angel Invest, BITKRAFT Ventures, ENIAC Ventures, Konvoy Ventures, Multicoin Capital, Pioneer Fund, QueensBridge Venture Partners, Techstars, Transcend Fund, Upfront Ventures, Furqan Rydhan, Kevin Lin | |
| May 1, 2021 | $6.0M Series A | Konvoy Ventures, Transcend Fund |