Sony Group Corporation on Thursday, 12 September announced that it has allocated $10 million through the “Sony Innovation Fund Africa” as an initiative to support the growth of the entertainment businesses in Africa.
The company established the fund to invest in seed to early-stage start-ups in the entertainment industry in Africa, including start-ups in the gaming, music, movie and content distribution sectors.
The group has so far supported investment in seed to early-stage companies such as the Innovation Growth Fund” (2019), which was established through a joint venture with Daiwa Investment Management Company and the “Sony Innovation Fund: Environment” (2020), which supports companies addressing global environmental issues.
Since its inception, the Sony Innovation Fund has supported the growth of its portfolio companies by providing opportunities for collaboration, ranging from the provision of Sony-owned technologies to joint development and business alliances.
Fostering ventures specializing in the entertainment business in Africa
With the new venture, the firm is set to continue making value-added investments, and potential expansion of its activities.
Since 2016, the company participates in the ecosystem of new business creation around the world and has contributed to supporting the business growth of start-up companies through its “Sony Innovation Fund.”
Currently, Sony has concluded a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focused on the private sector, which is actively investing in emerging countries, including start-up companies in Africa.
In addition to financial investment, its collaboration will also support the growth of the entertainment industry in Africa by leveraging the strengths of both parties.
Further, the group has been fostering next-generation technologies and start-ups and promoting open innovation through its corporate venture capital activities to date.
Through the activities the fund, it is set to accelerate the growth of the African entertainment industry and contribute to the progress and development of the region by providing opportunities for collaboration with the entertainment businesses.
About Sony Group Cooperation
Sony Group Corp (Sony) is a manufacturer of electronic equipment, semiconductors, medical-related equipment, instruments, and devices.
The company’s products include televisions, mobile phones, cameras, music systems, game consoles and software, batteries, and other electronic components.
Sony produces, acquires, and distributes recorded music, motion pictures, and television programming and operates television and digital networks.
The company markets products through sales subsidiaries, distributors, and direct sales through the Internet. It also markets products under Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, Experia, and Airpeak brand names.
The company currently operates in Asia-Pacific, Europe, the Middle East, Africa, and America. It is headquartered in Minato-Ku, Tokyo, Japan