Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Thursday, May 15
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Sony unveils $10 million Sony Innovation Fund for Africa

    Sony unveils $10 million Sony Innovation Fund for Africa

    0
    By Tapiwa Matthew Mutisi on October 13, 2023 Africa, Entertainment, Funding, Investments, Startups

    Sony Group Corporation has unveiled the “Sony Innovation Fund: Africa,” designed to bolster the growth of the entertainment sector in Africa. The company has been actively participating in fostering new businesses worldwide since 2016 and has contributed to the growth of startup companies through its various innovation funds.

    These include the “Sony Innovation Fund” (2016), which invests in seed to early-stage companies, the “Innovation Growth Fund” (2019), established in partnership with Daiwa Capital Holdings Co., the “Sony Innovation Fund: Environment” (2020), dedicated to companies addressing global environmental issues, and the recent “Sony Innovation Fund 3” (2022), the successor to the Innovation Growth Fund. It’s worth noting that these innovation funds are wholly funded by Sony.

    The “Sony Innovation Fund: Africa” specifically targets seed to early-stage startups operating in the African entertainment industry. This encompasses startups in gaming, music, movies, and content distribution. To kick-start this initiative, Sony is allocating an initial investment of US$10 million.

    Sony has a track record of supporting portfolio companies through collaboration, providing access to Sony-owned technologies, facilitating joint development, and forming business alliances. With the “Sony Innovation Fund: Africa,” this approach will continue to drive value-added investments, with potential expansion in the future.

    Additionally, Sony has entered into a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focusing on the private sector, actively investing in emerging countries, including African startups. This collaboration aims to support the growth of the entertainment industry in Africa by leveraging the strengths of both entities.

    Toshimoto Mitomo, Executive Deputy President and CSO at Sony Group Corporation expressed Sony’s commitment to fostering next-generation technologies and startups through corporate venture capital activities. The “Sony Innovation Fund: Africa” is expected to accelerate the growth of the African entertainment industry and promote collaboration within the Group, while the collaboration with IFC, a significant presence in emerging markets, is seen as a way to enhance this effort further.

    Makhtar Diop, Managing Director of IFC, shared excitement about the collaboration, emphasizing its potential to generate value for Africa’s creative industry. The partnership between IFC’s expertise in emerging markets and Sony’s global leadership in entertainment, media, and technology positions them to contribute to the economic growth of the creative sector.

    Related

    Africa Entertainment Industry Entrepreneurships Funding innovation Investments Sony Sony Innovation Fund Startups Technology
    Share. Facebook Twitter Pinterest LinkedIn Email
    Tapiwa Matthew Mutisi
    • Facebook
    • X (Twitter)
    • LinkedIn

    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

    Related Posts

    Everything You Need to Know About NRBVN for Diaspora Nigerians

    Omniretail, PalmPay, Remedial Health Lead the Pack in FT’s 2025 Fastest-Growing African Firms List

    If You’re a Junior Developer, This Gemini Update Could Be a Game-Changer

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.