Next Narrative Africa, a media production company based in Nigeria, in collaboration with HEVA Fund, an investment firm from Kenya, has unveiled a groundbreaking $40 million fund designed to bolster the African filmmaking industry. Dubbed the Next Narrative Africa Fund, this ambitious initiative is dedicated to backing film projects throughout the continent, targeting productions with budgets that fall within the $1 million to $5 million range.
The fund is structured to provide financial support through both equity investments and grants, aiming to nurture the creative endeavors of African filmmakers. With a strategic plan to fully allocate its $40 million budget over the coming four years, the fund sets its sights on achieving an initial funding milestone by the first quarter of 2025, with the goal of completing its funding cycle by the end of the fourth quarter of the same year. The commencement of initial investments is slated for 2025.
This funding initiative emerges at a pivotal moment for the African film industry, which has been gaining increasing recognition on the global stage. Notably, Nigeria’s Nollywood and South Africa’s film industry have spearheaded this surge, captivating international audiences and yielding substantial financial returns for investors. In some instances, Nollywood backers have reported profits tripling their original investments.
Since 2016, prominent streaming services, including Netflix, have poured approximately $178 million into African cinematic content, underscoring the burgeoning interest in the continent’s storytelling potential.
The Next Narrative Africa Fund is particularly focused on financing projects that not only promise commercial success but also resonate with global audiences through themes such as gender and racial equity, democracy, governance, climate change, health, and inclusive economic growth. To be eligible for investment, projects must be primarily produced within Africa.
Akunna Cook, the CEO and Founder of Next Narrative Africa, expressed enthusiasm for the fund’s mission to empower creative talents who aim to entertain, inspire, and redefine the global perception of Africa and its diaspora.
The fund’s investment strategy will be shaped by an advisory board comprising esteemed professionals from the entertainment industry, including executives, filmmakers, film distributors, and experts in narrative change. Among the distinguished board members are Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke from Misan Partners.
Beyond film production, the Next Narrative Africa Fund is committed to investing in the broader film and television infrastructure across the continent, supporting a holistic growth of the African cinematic landscape.
