As a seasoned gamer with a passion for immersive storytelling, this news about the Next Narrative Africa Fund truly resonates with me. Having spent countless hours navigating virtual worlds and experiencing diverse narratives, I’ve always been captivated by the untold stories of Africa and its diaspora.
A fresh 40 million dollar investment fund titled “Next Narrative Africa Fund” has recently been introduced with the aim to boost African and diaspora content creators. This fund will be utilized for financing the creation, production, and promotion of projects that challenge and reshape traditional perceptions about Africa by presenting new narratives.
Next Narrative Africa, a multimedia production company dedicated to sharing African tales for global influence, and HEVA Fund, a Kenyan advisory firm concentrating on the creative economy, are collaborating to establish a fund. This fund aims to gather and distribute $30 million in equity financing and $10 million in grants over the next four years to finance high-impact television and film projects across Africa.
The William and Flora Hewlett Foundation is among the first round of investors, with others anticipated to join in the future.
The Africa Fund by Next Narrative will be overseen by Akunna Cook, the CEO and founder of Next Narrative Africa, who previously managed Africa policy at the U.S. Department of State. Additionally, investment specialist Wakiuru Njuguna, managing partner at HEVA, will play a key role. He specializes in financial models that blend venture capital and impact investing.
The “Next Narrative Africa Fund” intends to finance content that changes perspectives about Africa and its diaspora. The goal is to stimulate creativity, economic development, and employment opportunities within Africa’s rapidly growing television, movie, and digital media industries. Unfortunately, African filmmakers have often encountered obstacles in fully participating in the global film industry, such as financing issues and limited access to necessary resources.
The goal is to attract new partners and capital, thereby enabling creatives on the continent and in the diaspora to “tell powerful, authentic stories that not only entertain but also tackle socially relevant themes and transform the stereotypical presentation of Africa in Western media,” they emphasized. The fund will develop commercially appealing content, which offers investors a strong return on investment while simultaneously transforming Africa’s creative industries.”
Cook stated: “Africans on the continent and abroad have consistently played leading roles in molding worldwide culture. Thus, we’re thrilled to back creators who aim not just to amuse, but also to enlighten and bring about a fresh perspective on Africa and individuals of African heritage. By championing innovative stories from Africa and its diaspora, we’re contributing to the broadening of narratives being shared.
Njuguna commented: “By allocating these fresh funds, we’re making substantial progress in financing the TV and Film industry — not only seeking substantial financial gains but also creating valuable jobs and fostering lasting, sustainable growth across the continent. Leveraging our extensive background, we’ve seen firsthand how impactful this sector can be throughout Africa.
She added: “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.”
The desire for authentic African content is increasing, fueled by a thriving middle class, an escalation in streaming households across the continent, and international interest from African diaspora and beyond. Yet, artists hailing from Africa still encounter difficulties, notably in securing funding for their creative endeavors.
As per UNESCO’s findings, African film and audiovisual sectors currently yield around $5 billion, representing a quarter of their estimated potential value to Africa’s GDP, which is over $20 billion. Busola Tejumola, head of content and West Africa channels at MultiChoice, emphasized in a report released last year that with persistent marketing and exposure, there is strong belief that this $20 billion target can be exceeded in the near future.
The venture studio, designed to nurture innovative concepts from creative minds, will be steered by a strategic advisory panel made up of entertainment industry leaders, filmmakers, distributors, and experts in storytelling evolution. This esteemed group includes Darcy Heusel, representatives from Neon, Areej Noor of Statement Films, Dominic Buchanan from Home Team, and Chin Okeke of Misan Partners.
Projects led by creatives of African or African diaspora origin should adhere to the following guidelines:
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2024-09-26 11:24