Cameroonian video game studio Kiro’o Games has closed sales of the company’s shares, having raised almost XAF120 million (US$209,000) from external investors.
Kiro’o Games said it raised 99.76 per cent of the company’s funding target, and as such decided to close sales of shares in April.
The funds will be used to cover the costs of the studio’s operations until and throughout the launch of its much awaited first game, “Aurion: Legacy of the Kori-Odan”; and will be used to build a studio prepared for pan-African success.
“Our aim is to consolidate all this waiting generated by the game into a good product that will hopefully become a successful licence,” said founder and chief executive officer (CEO) of Kiro’o Games Guillaume Madiba.
“However, after the game will be put on sale and according to the success that we are expecting, we plan to take the rest of the year with the team to completely elaborate – to the last detail – the necessary strategy for our evolution,” he said.
“We will make many brainstorming and dream storming, in order to precisely set up a studio which will be able to adapt itself to our future expansion as continental editor.”
Providing a breakdown of investors, Kiro’o said 60 per cent of the funds were raised from investors ages between 26 and 35; 79 per cent of whom are male, 21 per cent female.
74 per cent of Kiro’o’s capital came from Cameroonian investors, although the majority are members of the diaspora – with most living in Canada, France and Germany.
The company also announced it is now looking for production and distribution partners to assist in the distribution of the game across Africa; with the company particularly interested in entering growing markets such as South Africa, Nigeria, Ghana and Lesotho, Kiro’o said.