Vatar, the company behind the Nigerian browser game Lagos Life, has raised $500,000 in funding just nine days after the game was launched. The announcement was made by Shalom Rayhamen, the game's creator, who said more than 4.7 million people had played Lagos Life since its October 1 launch.
The funding round was backed by three technology entrepreneurs: Abdulhamid Hassan, Nathan Nwachuku and Olugbenga Agboola. Abdulhamid “AB” Hassan is associated with Mono, a financial technology company that helps businesses access customers' financial data. Nathan Nwachuku leads Terra Industries, while Olugbenga “GB” Agboola is the co-founder and CEO of Flutterwave, a digital payments company. Their involvement brings experience from people who have built technology businesses.
However, it is too early to say what additional support they may provide to Vatar beyond the funding. BusinessDay reported that Agboola invested through his investment fund, Resilience17, while angel investor Oo Nwoye was also named among the participants in the funding round. Vatar plans to use the money to develop its platform and introduce more virtual cities. The company wants to build on the success of Lagos Life by creating other virtual worlds inspired by real locations.
For now, the challenge is to keep players interested as the game grows. This will require improvements to the platform and new features that give people reasons to keep playing. The reported player numbers show that Lagos Life attracted a large audience shortly after its launch. However, attracting players is only one part of building a successful gaming business. Vatar will also need to keep people coming back and develop reliable ways to generate revenue.
The player figure has not been independently audited, and the company's long term commercial success remains to be seen. Vatar's funding comes at a time when locally developed digital products are attracting attention. Lagos Life stands out by allowing players to explore a virtual version of Lagos through a browser game. The game's early popularity and the investors backing Vatar have brought fresh attention to Nigeria's gaming industry. Its focus on everyday Lagos life also gives it a setting that many Nigerian players can recognise.
The $500,000 funding will help Vatar develop the platform and work towards its plans for more virtual cities. Its next challenge will be turning the initial excitement into lasting interest and a business that can support its growth. For now, the funding marks an important early step for Vatar as it works towards building more virtual worlds inspired by African cities.