Rise of Fearless, an Ethiopian studio behind a mobile battle royale game inspired by the 1896 Battle of Adwa, has raised $1 million from Mauritius-based Epic Edges Capital. The bootstrapped studio has also signed veterans from Ubisoft, PlayStation and Capcom to help take an African-owned game franchise to players worldwide. Nigeria is already one of its three biggest player communities.
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"As a bootstrapped company, this investment is pivotal to our ambitions and the future of African gaming," said founder Kanessa Muluneh.
The deal at a glance
| Item | Detail |
|---|---|
| Company | Rise of Fearless, Ethiopia |
| Founder | Kanessa Muluneh |
| Amount | $1 million |
| Investor | Epic Edges Capital, Mauritius |
| Instrument | SAFE (simple agreement for future equity) |
| Game | Free-to-play mobile battle royale, launched 2025 |
| Platforms | Apple App Store and Google Play |
| Downloads | More than 15,000 |
| Largest player communities | Nigeria, Ethiopia, South Africa |
What a SAFE is
A SAFE, or simple agreement for future equity, is a common way for early-stage startups to raise money without setting a valuation today. The investor pays now and receives shares later, usually when the company raises a priced funding round. For a bootstrapped studio, it means cash in hand quickly, with less legal cost and without haggling over what the company is worth before it has much revenue.
A game built on African history
Battle royale games, in which players fight until one is left standing, are among the most played mobile genres in the world. Rise of Fearless gives the format an African setting. Its story draws on Ethiopia's victory over Italy at Adwa in 1896, and its characters, clothing, hairstyles and maps are drawn from African identity.
That cultural angle is the pitch. Remco Coerman, founder of Epic Edges Group, said the investment reflects confidence in "ambitious, culturally rooted IP that has the potential to resonate far beyond its home market."
The team behind the push
The money comes with a bigger team. The studio has signed four partners with international experience:
| Partner | Role | Background |
|---|---|---|
| Miniboss Solutions | Publishing and marketing | Led by Adam Krause, formerly of Ubisoft, 2K and Capcom, and TJ Consunji, formerly of PlayStation and Krafton |
| Trick Question Studios | Franchise and creative direction | Led by TQ Jefferson |
| IDG Intelligence | Market research and strategy | Led by Yoshio Osaki |
| Spectra Entertainment | Full-scale art and game development | Large-studio production support |
Where the money goes
Rise of Fearless says the $1 million will pay for technology upgrades, game servers, cross-border payment systems, hiring and marketing as it expands beyond Nigeria, Ethiopia and South Africa.
Those line items are the real story of African gaming. Players across the continent are plentiful, but studios struggle with three things: servers close enough to keep online matches smooth, payment systems that let players in many countries pay in local currency, and marketing budgets that can compete with global publishers.
Why it matters for Nigeria
Africa has more than 400 million gamers and gaming revenue is projected at $1.98 billion in 2026, mostly from mobile, according to figures the studio cites. Nigeria, with its young population and heavy smartphone use, is one of the continent's largest markets, and it is already among this Ethiopian game's top three player bases.
For Nigerian developers, the deal shows two things. First, investors will back African game studios when the game has a clear identity and early users. Second, the studios that grow tend to bring in experienced international talent for publishing and production rather than doing everything alone.
The challenges
Fifteen thousand downloads is an early number for a battle royale, a genre where global hits count players in the tens of millions. Free-to-play games earn from in-game purchases, which depend on payment options that work across African markets, and on keeping players coming back. The new publishing team and payment infrastructure are aimed at exactly those gaps, but they still have to deliver.
Lessons for founders
- Own a distinctive story. Rise of Fearless competes in a crowded genre with a setting no global studio offers.
- Bootstrap to traction, then raise. The studio launched its game and found players before taking outside money.
- Buy experience you lack. The partners bring publishing and production skills that are hard to build from scratch in Addis Ababa or Lagos.
- Fix the plumbing early. Servers and payments decide whether players stay and pay.
A $1 million SAFE and a team of industry veterans give an Adwa-inspired game its shot at a global audience. Its Nigerian players will be one of its first tests.
