The Story ⚡
Next Narrative Africa and HEVA Fund have announced the launch of a $40 million initiative to boost African and diaspora content creators, with the news revealed at the United Nations General Assembly in New York City.
Tell Me More
Next Narrative Africa and HEVA Fund have introduced a $40 million initiative to address long-standing challenges for African filmmakers and content creators. This new fund, backed by the William and Flora Hewlett Foundation and USAID Prosper Africa, will allocate $30 million in equity financing and $10 million in grants over the next four years.
The goal is to support audio-visual projects produced in Africa, with a focus on themes like gender equity, democracy, climate, health, and economic growth. Eligible projects must have at least 60% of their production based in Africa and budgets ranging from $1-5 million.
Under the leadership of Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund, the initiative will foster job creation, especially for women and youth. The fund is designed not just to drive commercial success but also to shift global narratives about Africa. A Venture Studio will also be established for creative incubation, while a strategic advisory board comprising industry experts will guide investments.
This fund, paired with Africa’s projected rise in video-on-demand users, aims to fuel the continent’s booming entertainment sector.
The fund’s official launch event, “The Bridge,” took place at New York’s Apollo Theater, on the 26th of September, 2024 featuring performances by Afrobeats stars Adekunle Gold and Patoranking. Nigerian Minister for Art, Culture, and Creative Economy Hannatu Musawa and U.S. African Development Foundation president Travis Adkins were in attendance.
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.
Key Background
Next Narrative Africa is building a community of change-makers through storytelling to reshape global perceptions of Africa while advancing the continent’s economic growth. Under the leadership of CEO Akunna Cook, the organization focuses on creating entertainment that speaks to young audiences and addresses socially relevant themes like democracy, inclusive growth, gender and racial equity, health, and climate issues. By using storytelling as a tool for change, Next Narrative Africa aims to shift narratives and highlight Africa’s progress and potential.
HEVA Fund, led by managing partner Wakiuru Njuguna, was founded in 2013 to provide innovative financing solutions for creative enterprises across Africa. The fund aims to foster the growth of the cultural and creative sectors by supporting youth-led and women-led businesses. HEVA’s mission is centered on promoting business ownership, intellectual property rights, and sustainable livelihoods for cultural practitioners, all while contributing to the long-term sustainability of Africa’s creative industries.
In Summary
This funding marks a big step in growing Africa’s creative ecosystem, opening up new opportunities for the continent’s content creators.
Thanks for Reading.
Shockng.com covers the big creators and players in the African film/TV industry and how they do business.
Let’s be friends on Instagram @Shockng
