Public Management

Heva Fund, Next Narrative Launch $40mln for African TV and Film

Heva Fund, Next Narrative Launch $40mln for African TV and Film
Tuesday, 01 October 2024 13:11

The program, launched by Heva Fund and Next Narrative Africa, aims to provide up to $5 million for each African television or film project. It seeks to support the continent's underfunded creative industry and position this sector as a promising investment opportunity.

Heva Fund, an investment and advisory group focused on creative industries, partnered with Next Narrative Africa, an entertainment production company, to raise $40 million to support African audiovisual content over the next four years. According to the company’s statement, $30 million will be raised through equity financing and $10 million in grants.

The funding will be channeled through a new fund called the Next Narrative Africa Fund. Officially launched on Friday, September 27, 2024, it will be led by Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at Heva Fund. The fund aims to invest in high-impact television and film projects across Africa, offering up to $5 million per project to help develop, produce, and market content that redefines African narratives.

1 FONDS copy copy

“The fund’s investments will also boost Africa’s under-capitalized creative industry, positioning it as a compelling opportunity for investors seeking both financial returns and cultural impact,” said Akunna Cook.

Globally, the entertainment industry has significant growth potential. By 2027, it is expected to reach $2.9 trillion, up from $2.1 trillion in 2023.

In Africa, creative industries generate $4.2 billion annually, but their share of the global market is limited. They account for just 2.9% of creative goods exports and less than 1% of the continent’s GDP, according to an October 2023 report by the International Finance Corporation (IFC). The report noted that the film and audiovisual sectors alone have the potential to create 20 million jobs and generate $20 billion in annual revenue.

On the same topic
Metier Capital Growth Fund III invests an undisclosed sum in Watu Group. Watu operates in 8 African markets, with over 2 million loans disbursed since...
Gabon signed a $3 billion deal with Afreximbank to finance priority investments. The move follows a meeting between President Oligui Nguema...
• BCEAO holds key rates, citing stable growth and low inflation• WAEMU GDP grows 6.5%; inflation drops to 0.6% in Q2• Risks persist from insecurity,...
• WEF identifies 37 financial instruments for nature, highlighting 10 as priority solutions delivering both financial returns and ecological outcomes.•...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
03

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
04

Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...

Malawi’s Election Puts Incumbent Chakwera to the Test on Inflation and Fuel Shortages
05

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.