Good news for media and entertainment startups in Africa. From Stears to Space in Africa, media and entertainment startups in Africa are proving investment-worthy, even though investors are yet to reach the $1 million threshold seen in other sectors.
Tunisia-based entertainment content creation and distribution company Galactech has just closed a six-figure pre-Series A investment round, thanks to the Oman Technology Fund (OMF) and other angel investors.
Here Is What You Need To Know
- The funding follows Galactech signing contracts with 30 international telecom operators to expand its reaxh, and will be used to launch a series of gaming services in the MENA region. The funding will also facilitate the startup in exploring “silk roads”, by entering different global markets, particularly in the Africa and the MENA region.
- The six-figure Pre-Series A round led by the Oman Technology Fund will enable Galactech to enter more international markets.
- Galactech was selected for the second edition of Orange Fab Tunisie, an accelerator by telecom giant Orange, and has since garnered a reputation for itself as a leader in publishing, distribution and content aggregation in the region, and is currently a global strategic partner of Orange Fab Tunisie via a global contract.
A Look At What The Startup Does
Galactech aggregates various entertainment services like video games, Video-on-Demand (VOD) and Media-on-Demand (MOD) through different telecom operators in the Middle East and Africa, in partnership with other startups and content creators in the region.
The startup also built their own platform — OMG — which allows game developers to monetise their games by publishing them on the platform, in addition to more standard platforms like the App Store and Google Play.
In the long run, Galactech hopes to also use the investment to both cultivate the local economy and the mobile gaming ecosystem as a whole and to expedite the chain of content creation through various partnerships with independent developers such as students, and thus pave their way into the market and provide them with important opportunities to enter the market.
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