Carry1st, a mobile game publisher, has just completed a fundraising round that raised $27 million. The money will be used to improve the company’s digital content production and publishing platform in Africa, an area Carry1st investors believe is ripe for Web3 adoption.

Bitkraft Ventures acted as the lead investor in the investment round which totaled $27 million, while Andreessen Horowitz, better known as a16z, provided additional capital. Several other investors participated in the investment round, including TTV Capital, Konvoy, Alumni Ventures, Lateral Capital, and Kepple Ventures.

The most recent transaction took place a year after Carry1st successfully raised $20 million in capital backed by a16z and Alphabet, Google’s parent company.

During that time, Carry1st said the cash will be used to increase the company’s internal capacity and develop its content portfolio. This includes researching play-to-win games on Web3, as well as incorporating non-expendable tokens into the overall game experience.

The latest capital will be used to expand the capabilities of Pay1st, the company’s monetization-as-a-service platform. Pay1st makes it possible for third-party publishers in Africa to make more money.

Engaged in the game publishing business, Carry1st offers a one-stop solution for monetizing and managing mobile games across the African continent. The company partnered with Los Angeles-based Riot Games, which is responsible for creating League of Legends, in 2022 to test local payments for its games in Africa.

Africa has become one of the digital asset markets in the world that is expanding at one of the fastest rates.

The International Monetary Fund (IMF) published a study in November that highlighted increased use in places like Kenya, Nigeria and South Africa. This attracted the attention of the IMF, which noted that the continent’s adventure with cryptocurrencies has even attracted the attention of the IMF.

The IMF, using data from Chainalysis, said that the highest monthly volume of cryptocurrency transactions on the continent occurred in mid-2021 at $20 billion.

The young population of the African continent, its government’s mismanagement of the economy, and the absence of an effective banking infrastructure are driving cryptocurrency adoption across the continent.