Next Narrative Africa, a Nigerian media production company, in partnership with Kenya-based investment firm HEVA Fund, has launched an ambitious $40 million fund aimed at revolutionizing the African film industry. Known as the Next Narrative Africa Fund, this initiative is focused on supporting film projects across the continent with production budgets ranging from $1 million to $5 million.
Financial Support for African Filmmakers
The fund is designed to offer a mix of equity investments and grants, ensuring that African filmmakers receive the financial backing they need to bring their creative visions to life. The $40 million budget will be distributed over four years, with the first funding milestone targeted for early 2025. The entire funding cycle is expected to be completed by the end of that year, with the initial investments beginning in 2025.
A Booming African Film Industry
The launch of this fund comes at a crucial time for the African film industry, which has been gaining significant momentum on the global stage. Nigeria’s Nollywood and South Africa’s film industry have led this charge, attracting international audiences and delivering impressive returns on investment. In some cases, Nollywood investors have seen their profits triple.
Streaming platforms, including Netflix, have recognized the potential of African cinema, having invested around $178 million in African content since 2016. This growing interest underscores the international appeal and unique storytelling power that African films bring to global audiences.
Focus on Impactful Storytelling
The Next Narrative Africa Fund aims to finance not only commercially successful films but also those that tell impactful stories on a global scale. Projects focusing on themes such as gender and racial equity, democracy, governance, climate change, health, and inclusive economic growth will be prioritized. To be eligible for investment, projects must be produced primarily within Africa.
Empowering Africa’s Creative Talents
Akunna Cook, the CEO and Founder of Next Narrative Africa, expressed her excitement for the fund’s mission, emphasizing its role in empowering creative talents who strive to inspire and reshape the global perception of Africa and its diaspora.
Expert-Led Advisory Board
The fund’s strategy will be guided by an advisory board of industry experts, including executives, filmmakers, film distributors, and narrative change specialists. Notable members include Darcy Heusel from Neon, Areej Noor from Statement Films, Dominic Buchanan from Home Team, and Chin Okeke from Misan Partners. Their expertise will help shape the fund’s investments and ensure that supported projects align with global trends and audience demands.
Building African Film and Television Infrastructure
Beyond individual film projects, the Next Narrative Africa Fund is also committed to strengthening the broader film and television infrastructure across Africa. This holistic approach aims to cultivate sustainable growth in the African cinematic landscape, ensuring the industry’s long-term success and fostering opportunities for future generations of filmmakers.
Source: Innovation Village