Entertainment production company Next Narrative Africa and the HEVA Fund have announced The Next Narrative Africa Film and TV Fund. According to a press release by the HEVA fund, the launch took place at the new fund was announced at The Bridge, an event that took place at the Apollo Theater in New York City during the United Nations General Assembly.
The plan is to raise and deploy $30m in equity financing and $10 million in grants across four years “to support high-impact audio-visual content made in Africa”.
The fund’s CEO and Founder, Akunna Cook, stated, “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.”
Akunna further claimed, “By supporting fresh narratives from Africa and its diaspora, we’re making a mark in diversifying the stories being told…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.”
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.”
Wakiuru reiterated HEVA’s urge in job creation with the project. “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,”
Wakiuru said the team in charge of the fund will be seeking investors who are interested in elevating African creativity globally and “not just looking for financial returns”. One of the declared targets of the fund is the production of “powerful, authentic stories” by resident and diaspora Africans that will change how Africa is presented in western media.
Some of the criteria to be met include narrative-shifting content addressing gender/racial equity, democracy/governance, and inclusive economic growth. 60% of production must also take place in Africa, including principal photography. Budgets for projects are expected to be between $1m and 5 million.
According to a statement published by HEVA, “The fund will be guided by a strategic advisory board consisting of entertainment executives, filmmakers, film distributors and experts in narrative change”. This group include Darcy Heusel of Neon Films and Chin Okeke of Misan Partners.
Initial support for the fund has come from the William and Flora Hewlett Foundation, Bill & Melinda Gates Foundation, and USAID Prosper Africa.
