The Next Narrative Africa Fund, a $40 million initiative, has been launched to support African filmmakers. The fund, created by Nigeria’s Next Narrative Africa and Kenya’s HEVA Fund, will target filmmakers with movie budgets between $1 and $5 million. It will raise and deploy the funds over the next four years.
The fund aims to provide both equity investments and grants for films. It will take equity in some films while giving grants to others. The first close is expected in the first quarter of 2025, with final investments by the end of the year.
The fund will invest in commercially viable African films with global appeal. These films will focus on important themes such as gender and racial equity, climate change, and inclusive economic growth.
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New Opportunity for Africa’s Growing Film Industry
Next Narrative Africa Fund will give African filmmakers a fresh avenue for investment. African cinema has attracted attention globally.
Nollywood, in particular, has produced films that yielded significant returns. Some Nollywood investors reported three times their initial investments. Streaming giant Netflix has also invested $178 million in African film content since 2016.
Akunna Cook, the CEO and Founder of Next Narrative Africa, expressed excitement about the fund. “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.”
The fund’s advisory board includes film industry experts such as Darcy Heusel from Neon, Areej Noor of Statement Films, and Dominic Buchanan of Home Team.
The fund will also invest in Africa’s broader film and TV infrastructure to support growth across the industry Investments from the fund are expected to have an impact starting in 2025.