Next Story Africaa multimedia entertainment production company that tells African stories for global impact and HEVA fundan investment, advisory and knowledge solutions group focused on the creative industries, has announced the launch of The Next Narrative Africa Fund during the United Nations General Assembly (UNGA).
The fund will collect and leverage $30 million in equity funding and $10 million in grants to support high impact audiovisual content produced in Africa over the next four years.
Details
This fund seeks to promote innovation, economic growth and job creation in Africa’s growing television, film and new media sectors. Despite the continent’s abundance of vibrant cultures and narratives, filmmakers from Africa have long faced barriers to effectively participating in the wider film economy – including funding and access to relevant resources.
By attracting new partners and funds, The Next Narrative Africa Fund it will enable audiovisual creatives from the continent and the diaspora to tell powerful, authentic stories that not only entertain, but also address socially relevant issues and transform the stereotypical representation of Africa in Western media. It will develop commercially attractive content that offers investors a strong return on investment, while transforming Africa’s creative industries.
Magnification
Highlighting some of Africa’s brightest talent, the new fund will be announced at ‘The Bridge’, an event organized by Next Narrative Africa at the world famous Apollo Theater in New York. With Afrobeats stations Adekunle Gold and Patorankingthe event will bring together world leaders, business figures and policy makers such as Nigeria’s Minister of Arts, Culture and Creative Economy – Hannatu Musawa and the President of the American Foundation for African Development Travis Adkins, delving into conversations around African creativity and innovation.
Digging deeper
With a spearhead Akunna Cook and Wakiuru Njugunaboth African women, the The Next Narrative Africa Fund will provide funding to develop, produce and market projects that challenge and change long-held narratives about Africa.
Akunna Cook is the CEO and Founder of Next Narrative Africa, who most recently led Africa policy at the US State Department as Deputy Assistant Secretary of State for African Affairs, and Wakiuru Njuguna, Managing Partner at HEVA Fund is an investment specialist who has led the development and innovation of innovative hybrid financial models that combine the best elements of venture capital and impact investing.
What They Say
Speaking about the launch of the fund, Akunna CookCEO and Founder of Next Africa Narrative Africa shared, “Africans on the continent and in the diaspora have always been at the forefront of shaping world culture. So we’re excited to support creatives who aspire not only to entertain, but also to inspire and introduce a new narrative about Africa and people of African descent. By championing new narratives from Africa and its diaspora, we signal a diversity of stories being told – and this is long overdue.
This fund will be a key enabler to promote investment and create jobs, especially for women and young people who develop skills across the continent and feed Africa’s entire creative ecosystem. In the process of showcasing Africa’s under-capitalized creative industry, we position the sector as a viable investment opportunity for investors and partners looking for returns and strategic enough to look to the continent. We attract new funding from investors and philanthropic sources and support projects that will make money, win awards and impact culture.
Wakiuru NjugunaCEO at HEVA Fund added, “With this new fund, we are taking significant steps forward for investment in the television and film sector—not just aiming for strong financial returns, but also creating meaningful employment and promoting sustainable, long-term growth across the continent. Drawing on years of experience, we have seen the profound impact this industry can have across Africa. We are particularly excited about the potential for job creation, especially for young people and women.
Based on HEVA’s track record, every $10,000 invested in film production has resulted in five new job opportunities, and we expect this first round to create significant employment, with even more opportunities to come. We invite investors who are not just looking for financial returns, but are also passionate about being part of a movement that is transforming Africa’s creative economy and elevating it to the global stage.”
The Big Picture
With initial support from William and Flora Hewlett Foundation and additional philanthropic and private investment is expected, the fund will also create a Venture Studio where creatives can incubate their ideas.
The fund will be guided by a strategic advisory board made up of entertainment executives, filmmakers, film distributors and experts in changing the narrative, including Darcy Heusel, NewAreej Noor of Statement filmsDominic Buchanan’s Landlord and his Chin Okeke Misan Partners. The studio model will offer opportunities to collaborate with teams of experts to refine storytelling and strategies, positioning creative entrepreneurs for potential early stage investment.
Not only does the initiative pair talent with a comprehensive network of professional support from storytellers, entertainment and financiers and media executives to ensure projects meet the highest industry standards for commercial success, the fund will also make a number of investments in the wider ecosystem films and television including infrastructure.
Seed investments are made in a range of audiovisual content projects that, in addition to having African and African diaspora creatives at the helm, meet the following criteria:
- Creates narrative-changing content focused on the following themes – (gender/racial equality, democracy/governance, climate, health and inclusive economic development)
- It has a specific focus on gender equality
- 60% or more production in Africa, including the main photo
- Apprenticeships/Internships in productions that enhance skills among women and youth
- Work that is globally attractive and commercially viable
- Projects that range budget between 1-5 million dollars
By The Numbers
Demand for African content is escalating rapidly, driven by a growing middle class and the rise of subscription VOD—by 3.9 million users in 2020 in one 13 million expected by 2025Africa is set to redefine global entertainment with its rich, diverse content, and the Next Narrative Africa Fund is poised to accelerate that movement.
For more information about The Next Narrative Africa Fund itself and how to join or apply, visit: Next Narrative Africa – It’s time for the Next Narrative on Africa
Stay up to date with news and other items on our WhatsApp Community Page, Twitter/Xand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related