Ethiopian gaming studio Rise of Fearless raises $1M from Epic Edges Capital to take the Adwa-inspired mobile game global

Rise of Fearless, an Ethiopian gaming studio behind the eponymous African-inspired mobile battle royale game, has raised $1 million in funding from Mauritius-based investment and advisory firm Epic Edges Capital.

Announced on Tuesday, the investment is structured as a Simple Agreement for Future Equity (SAFE). The bootstrapped studio will deploy the capital into technology upgrades, server infrastructure, cross-border payment rails, talent acquisition, and marketing as it looks to expand beyond its primary markets in Nigeria, Ethiopia, and South Africa.

Alongside the funding, Rise of Fearless is onboarding a group of international gaming executives and specialist studios to oversee publishing, franchise development, and technical art.

Commenting on the new investment, Kanessa Muluneh, Founder of Rise of Fearless, said, “We couldn’t be more excited about our new team taking an African-owned gaming franchise to international distribution and commercial scale. The launch of Rise of Fearless filled a gap in the gaming space, but it has also forced us to think beyond game downloads, shifting our focus towards a much wider African gaming ecosystem where African intellectual ownership and talent development are key. As a bootstrapped company, this investment is pivotal to our ambitions and the future of African gaming.”

The new operational and advisory partners joining Rise of Fearless include:

• Miniboss Solutions: Serving as an embedded publishing and marketing partner, led by Managing Partners Adam Krause (formerly of Ubisoft, 2K/Take-Two, Capcom, and Striking Distance Studios) and TJ Consunji (formerly of PlayStation, Krafton, and Striking Distance Studios).
• Trick Question Studios: Handling franchise definition and creative direction, led by Founder and CEO TQ Jefferson (formerly of Marvel, Pixar, Disney, 20th Century Fox Games, and Survios).
• IDG Intelligence: Providing market research, data analytics, and strategic advisory, led by President and CEO Yoshio Osaki.
• Spectra Entertainment: Joining as a full-stack AAA art and technical-art development partner.

Launched in 2025 on the Apple App Store and Google Play, Rise of Fearless is a free-to-play mobile battle royale title built around African history and identity. The game’s narrative draws inspiration from Ethiopia’s 1896 victory at the Battle of Adwa, featuring distinctly African characters, attire, hairstyles, and environments designed to retain African creative and commercial ownership while appealing to global audiences.

According to the company, the game has recorded more than 15,000 downloads since launch. Muluneh noted that the studio will use this next phase of growth to address foundational bottlenecks facing African game developers, specifically unreliable local server infrastructure and fragmented cross-border payment gateways, while pairing international executives with local developers to transfer technical skills.

Also read: The digital Battle of Adwa: Kanessa Muluneh’s quest for Africa’s gaming sovereignty

Remco Coerman, Founder of Epic Edges Group, stated that the investment reflects confidence in the commercial potential of local intellectual property on the global stage.

“Rise of Fearless represents the kind of ambitious, culturally rooted IP that has the potential to resonate far beyond its home market. We believe there is a significant opportunity for African creators to build globally relevant gaming experiences that reflect the continent’s stories, identities and talent. We’re proud to invest in the game as it strengthens its team, scales its development capabilities and continues building an ecosystem where African and international talent can collaborate and create for a global audience.”

The deal comes amid steady growth in Africa’s gaming industry. Figures cited by the studio indicate the continent is home to over 400 million gamers, with gaming revenue reaching $1.98 billion in 2026. Mobile gaming accounts for the majority of this activity, reflecting Africa’s mobile-first digital economy and the growing accessibility of smartphones. 

Rise of Fearless aims to demonstrate what African-owned gaming IP can become when it has access to the capital, expertise and infrastructure needed to scale, creating a pathway for African studios and creators to develop and retain globally relevant IP.