A new $40 million fund called the Next Narrative Africa Fund has been announced to “empower African and diaspora content creators” and develop and produce projects that “confront and change long-standing narratives about Africa.” , to fund marketing.
The project is being founded by Next Narrative Africa, a multimedia production company that “tells African stories to impact the world,” and HEVA Fund, an advisory firm focused on Kenya’s creative economy. “Over the next four years, the fund will raise and deploy $30 million in equity financing and $10 million in grants to support high-impact television and film projects from Africa,” the partners said. Ta.
Initial investors include the William and Flora Hewlett Foundation, with more investors expected to join over time.
Next Narrative Africa Fund is co-founded by Akuna Cook, founder and CEO of Next Narrative Africa, who led Africa policy at the U.S. Department of State, and HEVA, a fund focused on hybrid financial models. It will be led by managing partner and investment expert Wakiwuru Njuguna. It combines the best elements of venture capital and impact investing.
The Next Narrative Africa Fund “supports narrative-changing content from Africa and its diaspora,” according to the fund’s description. “The fund aims to drive innovation, economic growth and job creation in Africa’s burgeoning television, film and new media sectors,” the partners said. “Despite the continent being rich in vibrant cultures and stories, African filmmakers have long struggled to effectively participate in the broader film economy, including access to funding and related resources. I have faced obstacles to doing so.”
The goal is to attract new partners and funding so that creators from the continent and diaspora can “not only entertain, but also create powerful, authentic stories that address socially relevant themes and change the typical representation of Africa in Western media.” They said that the goal is to enable people to “convey their knowledge.” He emphasized. The fund will develop commercially attractive content and deliver a high return on investment for investors, while transforming Africa’s creative industries. ”
Mr Cook said: “Africans on the continent and Africans in the diaspora have always been at the forefront of shaping world culture, so we aim to not only entertain, but also inspire new stories about Africa and people of African descent. We are excited to support creators who want to inspire and guide. By supporting fresh stories from Africa and its diaspora, we are contributing to the diversity of stories being told.”
Mr Njuguna added: “With this new fund, we have taken a major step forward in our investment in the television and film sector. We aim not only for high financial returns, but also to create meaningful jobs and sustainable long-term growth across the continent. ”We have seen through many years of experience that this industry can have a huge impact across Africa. ”
She further added: “HEVA’s track record shows that for every $10,000 invested in film production, five new jobs are created, so this first round has created significant jobs, with many more to come in the future. We are looking for investors who are not only looking for financial returns, but are passionate about being part of a movement that transforms Africa’s creative economy and elevates it on the world stage. I invite you.”
Presented by Akuna Cook, Founder and CEO of Next Narrative Africa Next Narrative Africa
Demand for original African content is growing due to the growing middle class and the proliferation of streaming households on the continent, as well as the interest of people in the African diaspora and beyond abroad. However, African creators continue to face challenges such as financing their projects.
“According to UNESCO, Africa’s film and audiovisual industry currently generates $5 billion, but this is only a quarter of Africa’s true potential of over $20 billion to GDP,” Busola said. – Secretary-General Tejumora stated.
African pay TV giant MultiChoice’s content and West African channels were highlighted in a report published last year. “With consistent promotion and forecasting of our industry, we are confident that we will surpass this $20 billion mark in the coming years.”
The fund will create a venture studio where creators can nurture their ideas, made up of entertainment executives, filmmakers, film distributors, and narrative transformation experts including Statement’s Darcy Husel, Neon, and Areej Noor. The company will receive guidance from the Strategic Advisory Committee. Dominic Buchanan from the movie Home Team and Chin Okeke from Misan Partners.
In addition to being led by African and African Diaspora creatives, projects must meet the following criteria: A set of themes (gender/racial equality, democracy/governance, climate, health Featuring “narrative-changing content” with a focus on inclusive economic growth); “with a particular focus on gender equality”. More than 60 percent of the production, including principal photography, took place in Africa. Includes “practical training/internships on works that empower women and youth.” Featuring globally appealing and commercially viable works. Budgets range from $1 million to $5 million.
Provided by Wakiuru Njuguna, HEVA Managing Partner HEVA
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