Olivier Madiba, a Cameroonian video game developer, has recently reached new milestones with Kiro’o Games, the first video game studio in French-speaking Africa. Madiba has revealed that his online equity crowdfunding campaign for Kiro’o Games has raised a total of 1 billion FCFA in subscriptions through his campaign.
So far, investors’ commitment has been represented by a billion FCFA in subscriptions, according to Madiba, with the company collecting funds totaling 312 million FCFA from 431 different investors. Investors are likely to redeem the remaining 688 million FCFA pledges. According to Madiba, the fundraising demonstrates that Africans are open to internet crowdfunding initiatives and are willing to donate.
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The Bank of Central African States has praised Kiro’o Games for their innovative approach. A report on crowdfunding in the CEMAC zone (which includes Cameroon, the Central African Republic (CAR), the Congo, Gabon, Equatorial Guinea, and Chad) published in 2018 revealed that the startup had been successful in raising funds through crowdfunding to finance the largest project in the video game industry in French-speaking Africa, amounting to up to 129.87 million FCFA (198,000 euros). And this is despite the fact that there are no prior real estate promises, no shown experience, and no clearly defined customers.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh