Nigerian media production company Next Narrative Africa and Kenya-based investment firm HEVA Fund have launched a fund for African filmmakers.
The $40 million Next Narrative Africa Fund invests in films with budgets of $1 million to $5 million per project and takes stakes in some of the films it funds. Otherwise, simply provide a subsidy.
The company aims to raise and deploy $40 million over the next four years, with an initial close in Q1 2025 and a final close by the end of Q4 2025, with initial investment expected to occur in the same year.
The Next Narrative Africa Fund provides a new investment vehicle to address the growing interest in Africa’s film and audiovisual industries. Nigeria’s Nollywood and the South African film industry have dominated the headlines, topped the box office charts and generated huge profits for investors, with some Nollywood investors reporting triple profits. Some people are. Major companies such as Netflix have invested approximately $178 million in film content production on the continent since 2016.
The Next Narrative Africa Fund invests in commercially viable projects that are primarily produced in Africa and have global appeal. These projects will focus on themes such as gender/racial equality, democracy/governance, climate, health, and inclusive economic growth.
“Africans on the continent and in the African diaspora have always been at the forefront of shaping world culture. We are committed to not only entertaining but also inspiring new stories about Africa and people of African descent. , we are excited to support creators who want to lead the way,” said Akuna Cook, CEO and Founder of Next Africa Narrative Africa.
The fund will be funded by entertainment executives, filmmakers, film distributors, and actors working to change the story, including Statement Films’ Darcey Husell, Neon, Areej Noor, Home Team’s Dominic Buchanan, and Misan Partners’ Chin Okeke. Guided by an advisory board of experts. It will also invest in the broader film and television ecosystem, including infrastructure.
