Cameroonian gaming startup Kiro’o Games has received US$200,000 in investment commitments as it looks to crowdfund up to US$1 million in growth capital.
Launched in 2014 and the developer of Africa-centric games, Kiro’o Games claims to have pioneered the Rebuntu Equity Crowdfunding, a method of fundraising it has used in the past whereby investors can buy shares in the company with as little as US$500 and can participate in the management of the startup.
It has recently launched its latest campaign, and has already secured US$200,000 in commitments, including an undisclosed amount from the Cameroon Angels Networks (CAN). It hopes to raise anything between US$300,000 and US$1 million in funding, which it will use to grow its team, develop more games and enter new markets.
In a business plan made available to the public, Kiro’o Games says it hopes to reach at least one million customers in Africa by 2025, with an annual turnover of US$20 million.
“The relationship with a shareholder is as important as that in marriage. Beyond money, Kiro’o will only retain investors who are compatible with our vision. We also ensure rigorous due diligence on investors’ sources of income,” said Jean-Yves Bassangna, co-founder and CFO of Kiro’o Games.