New fund to back African TV and film projects
New fund to back African TV and film projects
The fund seeks to raise and deploy $30 million in equity financing and $10 million in grants.
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Next Narrative Africa, a multimedia entertainment production company telling African stories, and HEVA Fund, a creative industries-focused investments, advisory and knowledge solutions group, have announced the launch of The Next Narrative Africa Fund. The fund seeks to raise and deploy $30 million in equity financing and $10 million in grants to support high-impact audio-visual content made in Africa over the next four years.
This fund seeks to drive innovation, economic growth and job creation in Africa's burgeoning TV, film and new media sectors. Despite the continent’s abundance of vibrant cultures and narratives, filmmakers from Africa have for many years faced roadblocks to effective participation in the wider film economy – including financing, and access to relevant resources.
Spearheaded by Akunna Cook and Wakiuru Njuguna, the The Next Narrative Africa Fund will offer up financing for the development, production and marketing of projects that confront and shift long-standing narratives about Africa. Cook is the CEO and founder of Next Narrative Africa, who recently led Africa policy at the US Department of State as deputy assistant secretary of state for African Affairs. Njuguna, managing partner at HEVA Fund, is an investment expert who has led the development and innovation of novel hybrid financial models that combine the best elements of venture capital and impact investment.
Cook commented: “Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. So, we’re excited to support creatives who aspire to not only entertain, but to also inspire and usher in a new narrative about Africa and people of African descent. By supporting fresh narratives from Africa and its diaspora, we’re making a mark in diversifying the stories being told – and this is long overdue. This fund will be a key player in driving investment and creating jobs, especially for women and young people building skills across the continent and fueling Africa’s entire creative ecosystem. In the process of showcasing Africa’s under-capitalised creative industry, we are positioning the sector as a viable investment opportunity for investors and partners looking for returns and strategic enough to look to the continent. We’re attracting new funding from investors and philanthropic sources and supporting projects that will make money, win awards, and influence culture.”
Wakiuru Njuguna, managing partner at HEVA Fund added, “With this new fund, we are taking significant steps forward in investing in the TV and film sector – not just aiming for strong financial returns, but also generating meaningful employment and promoting sustainable, long-term growth across the continent. Drawing from years of experience, we have witnessed the profound impact this industry can have throughout Africa. We’re especially excited about the potential for job creation, particularly for youth and women. Based on HEVA’s track record, every $10,000 invested in film production has led to five new job opportunities, and we expect this first round to create substantial employment, with even more opportunities in the future. 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 on the global stage.”
With initial support from the William and Flora Hewlett Foundation and anticipated additional philanthropic and private investment, the fund will also establish a venture studio where creatives can incubate their ideas.
Initial investments are being made into a number of audio-visual content projects that, in addition to having African and African-diasporan creatives at the helm, fit the following criteria:
Creates narrative shifting content focused on the following themes – (gender/racial equity; democracy/governance; climate; health; and inclusive economic growth)
Has a specific focus on gender equity
60% or more production in Africa, including principal photography
Apprenticeships/internships on productions that build capacity among women and youth
Work that is globally appealing and commercially viable
Projects that range between $1-5 million in budget
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