A new fund has been launched by Next Narrative Africa, a Nigerian media production company, and HEVA Fund, a Kenyan-based investment firm, to support African filmmakers.
The Next Narrative Africa Fund is set at $40 million and will invest in movies with budgets ranging from $1 to 5 million per project. It will either take equity in some funded movies or provide grants in other cases.
Over the next four years, the fund aims to raise and deploy $40 million, with the first close expected in Q1 2025 and the final close by the end of Q4 2025. Initial investments are anticipated in the same year.
This fund presents a new investment opportunity as interest in Africa’s film and audiovisual industry continues to grow. Nigeria’s Nollywood and South Africa’s film industries have been successful, attracting investors and generating significant returns. Major players like Netflix have also made substantial investments in film content production on the continent since 2016.
The Next Narrative Africa Fund will focus on investing in commercially viable projects produced primarily in Africa, with global appeal. These projects will address themes such as gender/racial equity, democracy/governance, climate, health, and inclusive economic growth.
Akunna Cook, CEO and Founder of Next Africa Narrative Africa, expressed excitement about supporting creatives who aim to entertain, inspire, and change the narrative about Africa and people of African descent.
The fund will be guided by an advisory board comprising entertainment executives, filmmakers, film distributors, and experts in narrative change. It will also make investments in the broader film & TV ecosystem, including infrastructure.