A Cameroonian games development studio successfully raised $305,000 through equity crowdfunding between 2013 and 2018, and now aims for $1 million through its own crowdfunding platform.
Kiro’o Games is targeting $1 million in seed funding through the Rebuntu Equity Crowdfunding platform which it developed itself, according to the company.
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Kiro’o Games is described as the first video game studio in francophone Africa, according to BusinessCameroon. The studio develops Afrocentric video games where gamers can play as African characters in storylines inspired by Africa.
The Yaounde-based startup claims to have registered commitments of $340,000 from 287 investors, with $90,000 already raised from 89 investors, ITWeb reports.
One of the investors is Cameroonian tech entrepreneur Rebecca Enonchong. She will invest an undisclosed amount through her business angel network Cameroon Angels Network.
Kiro’o Games founder and CEO Madiba Olivier told Ventureburn that the company raised a total of $305,000 through equity crowdfunding between 2013 and 2018.
One of those efforts included funding for the development of its first title, 2D African fantasy role-playing game “Aurion: Legacy of the Kori-Odan” in 2015.
The company aimed for $44,600 but raised $55,500 from 1,310 backers through Kickstarter.
The studio sold that game to more than 95,000 people, many of them in the U.S., Germany and China.
The Rebuntu Equity Crowdfunding platform allows investors to buy shares starting at around $500. In return, these investors receive voting rights and participation in the management of the startup.
The company has not disclosed how much ownership it is giving up to investors.
Kiro’o Games says it hopes to reach at least one million customers in Africa by 2025, with an annual turnover of $20 million, according to its business plan.
The business plan was made public to boost interest in its crowdfunding effort.
The game studio plans to use the funding to grow its team, develop more games and enter new markets, DisruptAfrica reports.
