Next Narrative Africa, a Nigerian media production company, and HEVA Fund, a Kenya-based investment firm, have unveiled a $40 million fund to support African filmmakers and content creators. The Next Narrative Africa Fund aims to invest in films with budgets ranging from $1 million to $5 million per project, offering a combination of equity investments and grants.
The fund plans to raise and deploy the $40 million over the next four years, with its first close expected in Q1 2025 and final close by the end of Q4 2025. Initial investments are projected to commence within the same year.
This initiative provides a new channel for investment as interest in Africa’s film and audiovisual industry continues to grow. Nigeria’s Nollywood and South Africa’s film industries have gained global recognition, dominating box office charts and providing substantial returns to investors. For instance, some Nollywood projects have delivered up to 3x returns on investment. Major players like Netflix have invested approximately $178 million in film production across the continent since 2016.
The Next Narrative Africa Fund will focus on commercially viable projects with global appeal, primarily produced in Africa. Themes such as gender and racial equity, democracy and governance, climate action, health, and inclusive economic growth will be prioritised.
“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,” said Akunna Cook, CEO and Founder of Next Narrative Africa.
The fund will be guided by an advisory board comprising industry veterans, including entertainment executives, filmmakers, and narrative change experts like Darcy Heusel from Neon, Areej Noor from Statement Films, Dominic Buchanan from Home Team, and Chin Okeke from Misan Partners. The fund will also invest in the broader film and TV ecosystem, including infrastructure development.
During the United Nations General Assembly in New York, the Next Narrative Africa Fund was officially launched. The fund will allocate $30 million in equity financing and $10 million in grants over four years to support audio-visual projects produced in Africa. This initiative aims to address the longstanding challenges faced by African filmmakers, including limited access to financing and resources.
The fund’s launch event, “The Bridge,” will be held at New York’s Apollo Theater and will feature performances by Afrobeats artists Adekunle Gold and Patoranking. Distinguished guests, including Nigerian Minister for Art, Culture, and Creative Economy Hannatu Musawa and U.S. African Development Foundation President Travis Adkins, are expected to attend.
With Africa’s subscription Video on Demand (VOD) users projected to reach 13 million by 2025, up from 3.9 million in 2020, the Next Narrative Africa Fund seeks to capitalize on the rising demand for African content in the global entertainment market.
“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,” said Cook.
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.”
Leave feedback about this