The Next Narrative Africa Fund seeks to raise $30 million in equity financing and $10 million in grants to support innovative film, television, and podcast projects that challenge harmful stereotypes about Africa.
The fund will provide equity financing and grants for film, television, and podcast projects that challenge negative stereotypes and promote positive narratives.
Led by Akunna Cook and Wakiuru Njuguna, the fund aims to invest between $1 million and $5 million in projects that are commercially viable and have a positive social impact.
It will also support African production with at least 60% of each project’s production must take place in Africa. The fund will also create a space for creators to develop and incubate their ideas.
Initial investors include the William and Flora Hewlett Foundation and USAID’s Prosper Africa initiative.
The Next Narrative Africa Fund is part of a growing trend of investment in African content. Other recent initiatives include the African Export-Import Bank’s $1 billion finance facility and the Anansi Film Fund.
Akunna Cook, CEO of Next Narrative Africa, emphasized the importance of supporting African creatives, “Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. We’re excited to support creatives who aspire to not only entertain but also inspire and usher in a new narrative about Africa and people of African descent.”
Wakiuru Njuguna, Managing Partner at HEVA Fund, highlighted the fund’s potential to create jobs and promote sustainable growth, “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.”
OUR STORY: A decade ago, HEVA began as an experiment. Today, we are Africa’s first investments, advisory and knowledge solutions hub for CCIs, having directly invested in 100+ creative businesses across 14 countries & counting. Full video: https://t.co/MoNVG9eY1d #CreativeAfrica pic.twitter.com/8rSPdhABCx
— HEVA Fund (@HEVAFund) October 1, 2024
According to UNESCO’s “The African Film Industry: Trends, Challenges and Opportunities for Growth,” African films and audiovisual industries currently generate $5 billion, only a quarter of their true potential of over $20 billion to Africa’s GDP.
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