Fresh Forty Million Dollar Endeavor set up to aid African Cinematographers
The African film and audiovisual industry is attracting growing interest, and a new investment opportunity has emerged with the launch of the Next Narrative Africa Fund. This fund, established by the Nigerian media production company Next Narrative Africa in partnership with HEVA Fund, a Kenyan-based investment firm, aims to raise and deploy a total of $40 million over the next four years.
The fund will focus on investing in commercially viable projects with global appeal, primarily produced in Africa. The projects will address themes such as gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth.
Nigeria's Nollywood and South Africa's film industries have recently captured significant attention, topping box office charts and generating substantial returns for investors. Some Nollywood investors have reported returns of up to three times their initial investment.
Akunna Cook, CEO and Founder of Next Narrative Africa, expressed excitement about supporting creatives who aspire to entertain, inspire, and redefine Africa's narrative. The fund will also invest in the broader film and television ecosystem, including infrastructure development.
The fund targets a first close in the first quarter of 2025 and a final close by the end of the fourth quarter of 2025. The exact period for the first closure of the Next Narrative Africa Funds was from June 1, 2021, to August 31, 2021, and the last closure period was from November 1, 2021, to December 31, 2021.
An advisory board will guide the fund, consisting of entertainment executives, filmmakers, film distributors, and experts in narrative change. Notable members include Darcy Heusel of Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke of Misan Partners.
Initial investments are anticipated within the same year as the final close. The fund will focus on investing in films with budgets ranging from $1 million to $5 million per project.
Since 2016, major players like Netflix have invested approximately $178 million in film content production across the continent. The Next Narrative Africa Fund is set to continue this trend, offering a promising avenue for investment in Africa's burgeoning film and audiovisual industry.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Stopping Osteoporosis Treatment: Timeline Considerations
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
