Rise of Fearless secures $1 million boost to expand African gaming franchise

The Ethiopian‑inspired mobile battle‑royale game Rise of Fearless announced on Tuesday that it has closed a $1 million financing round with Dubai‑based Epic Edges Capital. The investment, structured as a Simple Agreement for Future Equity (SAFE), is intended to fund further development, marketing and community initiatives while bringing seasoned international gaming executives into the project. Founder Kanessa Muluneh said the capital gives the studio a clear path from experimental product to a business that can compete on a global stage.

Muluneh told TechCabal that the deal gives Rise of Fearless a twelve‑month window to meet performance milestones, including reaching 100,000 active players and delivering key technical upgrades. Launched in 2025, the free‑to‑play title already records over 15,000 total downloads, with its biggest user bases in Nigeria, Ethiopia and South Africa. Hitting the new target will require not only attracting more users but also keeping them engaged long enough to become regular players, a challenge the founder believes can be met with stronger marketing and a seasoned team.

The funding arrives as investor interest in Africa’s gaming sector intensifies. A report by Carry1st and Newzoo projects the continent’s gaming market to generate $1.98 billion in revenue by 2026, with mobile titles accounting for roughly 82 percent of that figure. Earlier this month, the Nigerian startup behind Lagos Life raised $500,000 in an angel round, underscoring a broader trend of capital flowing into locally‑developed games. Muluneh’s own financing history includes a previously announced $700,000 commitment that never materialised after disputes over terms.

In an interview, Muluneh estimated she has already spent close to $2.8 million on development, marketing, travel, and community management. She described the expense as the price of operating without a detailed plan, noting that early missteps, such as changing development teams and not securing ownership of certain assets, added to the cost. The new capital will be allocated strategically, with roughly a quarter earmarked for further game development and the remaining seventy‑five percent directed toward marketing and brand building.

To accelerate growth, Rise of Fearless is partnering with four international firms. Miniboss Solutions, led by former Ubisoft and Capcom executive Adam Krause, will advise on publishing and marketing. Trick Question Studios, headed by former Marvel and Disney senior manager TQ Jefferson, will shape franchise strategy and creative direction. IDG Intelligence, under CEO Yoshio Osaki, will provide market research and investment insights, while Spectra Entertainment will contribute technical art and AAA‑level production expertise. Muluneh emphasised that these collaborations aim to transfer knowledge to African developers, countering the continent’s long‑standing brain‑drain issue.

The game’s narrative draws from Ethiopia’s 1896 victory at the Battle of Adwa, featuring avatars, weapons and environments that celebrate African cultures. Muluneh believes that authentic storytelling combined with international production standards can create a globally recognisable franchise owned by Africans. She also outlined plans to diversify revenue beyond advertising, exploring merchandise, live events, sponsorships and licensing of the game’s intellectual property.

Despite the optimism, Muluneh acknowledged that monetising across Africa remains complex. Payment infrastructure varies widely, and consumer behaviour differs from country to country, making it difficult to convert downloads into recurring revenue. “Maybe 80 percent of our work will be figuring out if we can get the game monetised throughout the whole continent, and not just the big markets,” she said. The challenge will grow as the studio seeks to move beyond advertising income toward a sustainable business model.

As part of the expansion, Rise of Fearless is conducting a comprehensive technical audit and rewriting portions of its storyline. The team hopes to relaunch an improved version of the game later this year, though no specific release date has been disclosed. The audit aims to address performance bottlenecks, improve matchmaking stability and ensure that the visual fidelity meets the expectations set by the new technical partners.

The broader African gaming landscape provides both opportunity and obstacle. While mobile phone penetration continues to rise, many markets still suffer from fragmented payment systems and limited access to reliable market data. Studios often grapple with uneven infrastructure, which can hinder the rollout of in‑app purchases or subscription models. Muluneh’s experience reflects these realities; she financed most of the project herself, bearing the cost of advertising, event travel and community management without a clear monetisation road map.

Her decision to bring in international expertise is also a response to the continent’s brain‑drain dilemma. “Knowledge is the biggest asset right now. Knowledge and access,” she said. “You know, the African market always deals with the brain drain, where knowledgeable people leave the continent to build somewhere else. This time, we’ll do it the other way around, where we bring knowledge into the continent to build here.” By embedding seasoned executives within the development pipeline, Muluneh hopes to create a self‑sustaining ecosystem that can nurture local talent and keep future profits on the continent.

With the new funding and strategic partners in place, the studio aims to meet its active‑player milestone and position itself as a leading African‑owned gaming franchise in a market projected to host more than 400 million gamers by 2026. The next step for Muluneh and her team is to hit the agreed performance targets within the twelve‑month period, after which Epic Edges Capital will convert its SAFE into equity. Successful execution could set a benchmark for future investment in African gaming ventures and signal a maturing ecosystem capable of supporting large‑scale, internationally competitive titles.