The Next Narrative Africa Fund Has Officially Been Launched!
Spearheaded by Wakiuru Njuguna (L) and Akunna Cook (R), The Next Narrative Africa Fund will Empower Content Creators in Africa and the Diaspora
Next Narrative Africa, a multimedia entertainment production company telling African stories for global impact, and HEVA Fund launched The Next Narrative Africa Fund during the United Nations General Assembly (UNGA). The new fund will raise and deploy $30 million in equity financing and $10 million in grants to support high-impact audio-visual content made in Africa over the next four years.
This fund seeks to drive innovation, economic growth and job creation, in Africa's burgeoning TV, Film and New Media sectors. Despite the continent’s abundance of vibrant cultures and narratives, filmmakers from Africa have for many years faced roadblocks to effective participation in the wider film economy - including financing, and access to relevant resources.
By attracting new partners and capital, The Next Narrative Africa Fund will enable audio-visual creatives on the continent and the diaspora to tell powerful, authentic stories that not only entertain, but also tackle socially relevant themes and transform the stereotypical presentation of Africa in Western media. It will develop commercially appealing content which offers investors a strong return on investment while simultaneously transforming Africa’s creative industries.
Showcasing some of Africa’s brightest talent, the new fund was announced at “The Bridge”, an event hosted by Next Narrative Africa at the world famous Apollo Theater in New York City. Featuring Afrobeats powerhouses Adekunle Gold and Patoranking, the event brought together together world leaders, business icons and policymakers such as Nigerian Minister for Art, Culture and Creative Economy - Hannatu Musawa and U.S. African Development Foundation President Travis Adkins, delving into conversations around African creativity and innovation.
The Next Narrative Africa Fund will offer up financing for the development, production and marketing of projects that confront and shift long-standing narratives about Africa. Akunna Cook is the CEO and Founder of Next Narrative Africa, who recently led Africa policy at the U.S. Department of State as Deputy Assistant Secretary of State for African Affairs, and Wakiuru Njuguna, Managing Partner at HEVA Fund is an investment expert who has led the development and innovation of novel hybrid financial models that combine the best elements of venture capital and impact investment.
Video Credit: @Gachara
Speaking on the launch of the fund, Akunna Cook, CEO and Founder of Next Africa Narrative Africa shared, “Africans on the Continent and in the diaspora have always been at the forefront of shaping global culture. So, we’re excited to support creatives who aspire to not only entertain, but to also inspire and usher in a new narrative about Africa and people of African descent. By supporting fresh narratives from Africa and its diaspora, we’re making a mark in diversifying the stories being told - and this is long overdue. This fund will be a key player in driving investment and creating jobs, especially for women and young people building skills across the continent to fuel Africa’s entire creative ecosystem. In the process of showcasing Africa’s under-capitalised creative industry, we are positioning the sector as a viable investment opportunity for investors and partners looking for returns and strategic enough to look to the continent. We’re attracting new funding from investors and philanthropic sources and supporting projects that will make money, win awards, and influence culture. “
Wakiuru Njuguna, Managing Partner at HEVA Fund added, “With this new fund, we are taking significant steps forward in investing in the TV and Film sector—not just aiming for strong financial returns, but also generating meaningful employment and promoting sustainable, long-term growth across the continent. Drawing from years of experience, we have witnessed the profound impact this industry can have throughout Africa. We’re especially excited about the potential for job creation, particularly for youth and women. Based on HEVA’s track record, every $10,000 invested in film production has led to five new job opportunities, and we expect this first round to create substantial employment, with even more opportunities in the future. We invite investors who are not just looking for financial returns, but are also passionate about being part of a movement that is transforming Africa’s creative economy and elevating it on the global stage.”
With initial support from the William and Flora Hewlett Foundation and Prosper Africa, and anticipated additional philanthropic and private investment, the fund will also establish a Venture Studio where creatives can incubate their ideas. The fund will be guided by a strategic advisory board consisting of entertainment executives, filmmakers, film distributors and experts in narrative change, such as Darcy Heusel, Neon Films, Areej Noor of Statement Films, and Dominic Buchanan of Home Team Productions and Chin Okeke of Misan Partners. The studio model will offer opportunities for collaboration with expert teams to hone storytelling and strategies, positioning creative entrepreneurs for potential early investment. The initiative not only pairs talent with a comprehensive professional support network of storytellers, entertainment, and media financiers and executives to ensure that projects meet the highest industry standards to achieve commercial success, the fund will also make some investments into the wider film & TV ecosystem including infrastructure.
Initial investments are being made into several audio-visual content projects that in addition to having African and African-diasporan creatives at the helm, fit the following criteria:
Creates narrative shifting content focused on the following themes - (gender/racial equity; democracy/governance; climate; health; and inclusive economic growth)
Has a specific focus on gender equity
60% or more production in Africa, including principal photography
Apprenticeships/Internships on productions that build capacity among women and youth
Work that is globally appealing and commercially viable
Projects that range between $1-5 million in budget
The demand for African content is rapidly escalating, driven by a growing middle class and a surge in subscription VOD—from 3.9 million users in 2020 to an expected 13 million by 2025, Africa is set to redefine global entertainment with its rich, diverse content and Next Narrative Africa Fund is poised to accelerate this movement.
More information on The Next Narrative Africa Fund itself and how to be involved or apply coming soon: Next Narrative Africa – It's time for the Next Narrative about Africa
