Afrigather Subsequent Narrative Africa, a Nigerian media manufacturing firm, and HEVA Fund, a Kenyan-based funding agency, have launched a fund for African filmmakers.
The $40 million Subsequent Narrative Africa Fund will put money into motion pictures with budgets between $1 and 5 million per venture, taking fairness in some motion pictures it funds. In different circumstances, it would merely present grants.
It can increase and deploy $40 million over the following 4 years and is concentrating on a primary shut in Q1 2025 and a closing shut by the top of This fall 2025, with preliminary investments anticipated in the identical yr.
The Subsequent Narrative Africa Fund provides a brand new avenue for funding as curiosity grows in Africa’s movie and audiovisual business. Nigeria’s Nollywood and South Africa’s movie industries have dominated headlines, topped field workplace charts, and yielded important returns to buyers, with some Nollywood buyers reporting 3x returns. Main gamers like Netflix have invested about $178 million in movie content material manufacturing on the continent since 2016.
The Subsequent Narrative Africa Fund will put money into commercially viable tasks with international enchantment which are produced primarily in Africa. These tasks will deal with themes like gender/racial fairness, democracy/governance, local weather, well being, and inclusive financial development.
“Africans on the continent and within the diaspora have all the time been on the forefront of shaping international tradition. We’re excited to help creatives who aspire to not solely entertain but in addition encourage and usher in a brand new narrative about Africa and folks of African descent,” mentioned Akunna Cook dinner, CEO and Founding father of Subsequent Africa Narrative Africa.
The fund will likely be guided by an advisory board consisting of leisure executives, filmmakers, movie distributors and specialists in narrative change, akin to Darcy Heusel, Neon, Areej Noor of Assertion Movies, Dominic Buchanan of Dwelling Crew and Chin Okeke of Misan Companions. It can additionally make investments into the broader movie & TV ecosystem together with infrastructure.
