African Filmmakers Get New Fund worth $40 Million

Next Narrative Africa and HEVA Fund have unveiled a $40 million fund for African Filmmakers. The fund will be used to support content creators in Africa and the diaspora. 

The announcement came during the United Nations General Assembly in New York City. 

Next Narrative Africa and HEVA Funds Unveils 40 million fund for African Filmmakers

The fund, unveiled during the United Nations General Assembly (UNGA) in New York City, is backed by major philanthropic organizations, including the William and Flora Hewlett Foundation and USAID Prosper Africa. 

This initiative seeks to address long-standing challenges in Africa’s burgeoning film, TV, and new media sectors by providing crucial financial and professional support to content creators.

The fund also seeks to develop commercially viable content while transforming narratives about Africa in Western media. 

The Next Narrative Africa Fund will be led by Akunna Cook, CEO and founder of Next Narrative Africa who has led Africa policy at the U.S. 

Department of State, and investment expert Wakiuru Njuguna, managing partner at the fund HEVA, focuses on hybrid financial models that combine the best elements of venture capital and impact investment.

 “The fund will also raise and deploy $30 million in equity financing and $10 million in grants to support high-impact television and film projects from Africa over the next four years,” the partners said. 

Purpose of The New Fund For African Filmmakers

This initiative marks a major step forward in changing the stereotypical portrayals of Africa in Western media. The 40 million fund for African Filmmakers will help African and African diaspora creatives produce authentic, commercially appealing content. 

These groups would be able to produce content that entertains global audiences while tackling socially relevant themes such as gender equity, democracy, climate change, and inclusive economic growth. 

The overarching goal is to transform Africa’s creative industries into a viable investment opportunity for both international and local investors.

The fund was officially announced at “The Bridge,” a high-profile event held at the iconic Apollo Theater in New York City. The event featured performances by Afrobeats artists Adekunle Gold and Patoranking. 

Nigerian Minister for Art, Culture and Creative Economy Hannatu Musawa and U.S. African Development Foundation president Travis Adkins are among the expected attendees. 

Also Read: Top 27 Digital Media Companies You Should Know in Nigeria

$40 million fund for African Filmmakers, A Pivotal Moment For Africa Entertaining Industries 

The launch of this fund comes at a pivotal moment for Africa’s creative industries. The demand for African content is on the rise, fueled by the continent’s growing middle class and the increasing penetration of subscription Video on Demand (VOD) services. 

In 2020, the number of VOD subscribers in Africa stood at 3.9 million, but by 2025, this figure is expected to soar to 13 million. As more African consumers seek out locally produced content, the Next Narrative Africa Fund is poised to accelerate the growth of Africa’s entertainment industry and provide a platform for African stories to reach global audiences.

By addressing critical gaps in financing, training, and infrastructure, the fund aims to create a thriving creative ecosystem that not only tells Africa’s stories but also provides a sustainable path for economic growth and job creation. 

Its emphasis on gender equity and youth employment positions the fund as a transformative force in the region.

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