Social game publisher Carry1st has raised $20 million in Series A funding to further expand product development in Africa, a continent that could become the main hub of the video game industry over the next decade.
The investment round was led by Silicon Valley venture firm Andreessen Horowitz, which has been very active in the blockchain space, with additional participation from Avenir and Alphabet (NASDAQ:), the parent company of Google. Existing Carry1st backers such as Riot Games, Konvoy Ventures, Raine Ventures, and TTV Capital also participated in the investment round.
Carry1st will use the capital injection to expand its content portfolio, grow its in-house development team and spearhead a new growth strategy to attract tens of millions of new users. One of the fundamental pillars of its growth strategy is the development of an infrastructure to support play-to-earn (P2E) gaming, which allows users to monetize their gaming experience.
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