TechCabal Daily – Apple puts money in “acquisition under the radar”

Carry1st Gaming Payment Solution Generates $ 6 Million Series A

In the three years since its launch, Carry1st has become a vehicle for bringing mobile gaming from global companies to Africa. The Cape Town-based company realized that developers were having distribution and payment issues in Africa.

They decided to solve this problem by integrating a fintech solution, Pay1st, on their platform. Pay1st offers popular payment methods from six African countries, giving African players on Carry1st the ability to pay however they want.

The result: The startup has just raised a $ 6 million Series A to take advantage of the stability and opportunities it has found. The round was led by Konvoy Ventures, a early stage venture capital firm based in Colorado, United States.

Read more: Carry1st Gaming Payment Solution Generates $ 6 Million Series A


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Africans are building the gaming industry in Africa

“After studying graphic design, Moerane moved to Cape Town in 2012 where his life as a player found him. Along with friends, he organized monthly FIFA tournaments for players, playing for eight to 12 hours at a stretch. In 2017, Moerane quit his job as a graphic designer at eNCA and pursued a Master of Science in Video Game Business, Production and Design at Birmingham City University in the UK as part of a Chevening Fellowship.

Khumo Moerane, now 39, is the developer of Kea’s World and founder of the Africa Space Program video game studio in Johannesburg, South Africa.

Africa boasts of a young population that is far from just playing games, they are giving up their consoles and day jobs to devote themselves to video game development full time.

But how are you?

For one thing, there aren’t many places to study game development related courses on the continent. It is also difficult to maintain a career in gambling on the African continent due to the lack of funding and investment.

Despite these obstacles, developers in Cameroon and Zambia are creating distinct intellectual property that tells local stories. According to a report According to the BBC in 2019, Kenya’s video game market was worth $ 50 million in 2016 and is expected to double this year.

Zoom out: The mobile games market is expected to grow to $ 56.6 billion by 2024, accounting for 59% of the global games industry by 2021.

Lily the story of different Africans who are building the gaming market in Africa

Apple is under the radar of the wave of acquisitions

In February, Apple CEO Tim Cook told shareholders the company had bought around 100 companies in the past six years.

Wait, isn’t that at least one business a month?

Yes. It’s crazy. Apple is a deal-making machine.

How come I never heard of it?

Well, only a handful of those deals were big deals like the $ 3 billion deal (its biggest ever acquisition) for headphone maker Beats Music in 2014. The vast majority were for big business. smaller.

In addition to being small businesses, Apple has strict NDAs and advises acquired employees not to update their LinkedIn profiles.

What?! You mean I can’t show myself on Linkedin or include “acquired by Apple” in my Twitter bio?

Sorry, you can’t. According to CNBC, “A person who sold a business to Apple said that after his deal was broken he couldn’t respond to friends and family to congratulate him. He asked not to be named because he is under non-disclosure agreements. “

Hmmm, so what exactly is Apple looking for in these companies?

Apple typically acquires companies to fill gaps in its tech stack.

For fingerprint identification he bought AuthenTec, for iPhone shortcuts he acquired Workflow, for Apple News + he got Texture, for his voice assistant he bought Siri, and obviously for Apple Music he got bought Beats.

What happens after the acquisition of these companies by Apple?

Although the outcome of the deals differs, there is a common trend in Apple’s approach.

Apple is generally not interested in continuing the line of business of the acquired company and manufactures acquired units to discontinue future products or dispose of customers. Why? The revenue generated by these small businesses is generally negligible and unimportant compared to Apple which had $ 274.52 billion in revenue in 2020.

What about employees who can’t update their LinkedIn or Twitter bio?

Apple is particularly interested in technical staff and less in sales or support staff.

Some people familiar with Apple’s process have revealed that the tech giant values ​​companies based on the number of technical employees, with a price tag of around $ 3 million per engineer, instead of basing it on the startup’s income or fundraising history. .

For these technical employees, they are given what are called “golden handcuffs”, or large batches of stock that are acquired over three or four years.

Read more: How Apple Mergers and Acquisitions: Small and Quiet, Without Bankers

Kenyan Insurtech Lami raises $ 1.8 million in seed funding

Lami, a Kenyan insurtech company that democratizes insurance products and services for low-income Kenyans, has raised $ 1.8 million in seed funding. The funding round was led by Accion Venture Lab.

Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses, including banks, tech companies and other entities to easily and transparently offer insurance products. digital to their users via its API.

In a conversation with TechCabal, Abass said, “Similar to a payment API / gateway, we handle insurance KYC, product pricing, product underwriting and claims handling in real time. Let me give you an example, Jumia wanted to launch an insurance market, but they didn’t want to bother to integrate with every insurance company and they didn’t want to handle the process of issuing policies. . Using our API because we have 20 insurance companies on our platform, they were able to launch this marketplace with a large number of products.

Read more: Kenyan Insurtech Lami raises $ 1.8 million in seed funding

Written by – Daniel Adeyemi

Edited by – Edwin Madu & Koromone Koroye

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