Sony launches Africa fund
Sony Group Corporation has announced the establishment of its Sony Innovation Fund: Africa, an initiative to back the growth of the entertainment industry in Africa.
Since 2016, Sony has been participating in the ecosystem of new business creation around the world and has contributed to supporting the business growth of startup companies through its Sony Innovation Fund (2016), which invests in seed to early-stage companies; Innovation Growth Fund (2019), which was established through a joint venture with Daiwa Investment Management; the Sony Innovation Fund: Environment (2020), which supports companies addressing global environmental issues; and Sony Innovation Fund 3 (2022), the successor to the Innovation Growth Fund.
The Sony Innovation Fund: Africa has been established to invest in seed to early-stage start-ups in the entertainment industry in Africa, including start-ups in the gaming, music, movie and content distribution sectors. Sony is initially allocating $10 million towards such investments.
Sony has also concluded a collaboration agreement with the International Finance Corporation (IFC). In addition to financial investment, this collaboration will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties.
Toshimoto Mitomo, executive deputy president and CSO of Sony Group Corporation commented: ”Sony Group has been fostering next-generation technologies and startups and promoting open innovation through its corporate venture capital activities to date. Through the activities of Sony Innovation Fund: Africa, we hope to accelerate the growth of the African entertainment industry and contribute to the progress and development of the region by providing opportunities for collaboration with the entertainment businesses within the Group. And I am confident that our collaboration with IFC, which has a strong presence in emerging markets, will enhance this activity by leveraging both parties’ strengths.”
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