Central Africa's first-ever video game company Kiro'o Games is in search of funds to scale up its operations.
The Cameroonian tech company, which focusses on video games, education and technology, opened its capital to the public worldwide on 10 April 2019.
William Fankam, Lead Community Manager of Kiro'o Games, said aside from making serious inroads into the US and European markets, they are also considering expanding to 12 African countries including Nigeria, South Africa, Kenya, Côte d'Ivoire, Senegal, Burkina Faso, Benin, Ghana, Guinea Conakry, Rwanda, Ethiopia, and Cameroon.
"After twenty-four months of seed stage, we will gradually open several commercial representatives in Africa to manage our community and partnership in each country," Fankam said.
The company wants to take advantage of the fast-growing African smartphone market through mobile phone games and applications, switching from PC.
Kiro'o Games has planned its expansion while the global gaming market is booming.
According to research by Newzoo, there were more than 2.3 billion active gamers globally in 2018. Of this amount, 46% or 1.1 billion spent money on games.
Research shows that the North America region will remain the second-largest region, taking 23% of the global games market, after the Asia-Pacific region with 52%.
Africa is estimated to represent just a little over 1% of a market that generated US$138-billion in 2018. As such, the continent still has extensive potential.
Much like other African studios, Kiro's Games is looking to tap into this potential, but there are challenges.
For start-ups on the continent, raising required capital to transform ideas into reality remains the biggest problem.
Generally, foreign investors do not understand practical local solutions and projects developed by Africans for Africa; to match social realities. They end up not financing such projects.
Kiro'o Games is aware of this and is using a locally-inspired fundraising platform Rebuntu to overcome the challenge.
Rebuntu is a mix of the words Reboot and Ubuntu.