Next Narrative Africa Fund for Film, TV, New Media With HEVA

A new $40 million fund, called the Next Narrative Africa Fund, has been unveiled “to empower content creators in Africa and the diaspora” and finance the development, production and marketing of “projects that confront and shift long-standing narratives about Africa.”

It is being set up by Next Narrative Africa, a multimedia production company “telling African stories for global impact,” and Kenyan creative economy-focused advisory firm HEVA Fund. “The fund will raise and deploy $30 million in equity financing and $10 million in grants to support high-impact television and film projects from Africa over the next four years,” the partners said. 

Initial investors include the William and Flora Hewlett Foundation, with more expected to come on board over time.

The Next Narrative Africa Fund will be led by Akunna Cook, CEO and founder of Next Narrative Africa who has led Africa policy at the U.S. Department of State, and investment expert Wakiuru Njuguna, managing partner at the fund HEVA, who focuses on hybrid financial models that combine the best elements of venture capital and impact investment.

The Next Narrative Africa Fund will “support narrative-shifting content from Africa and its diaspora,” according to a description of the fund. “The fund seeks to drive innovation, economic growth and job creation in Africa’s burgeoning TV, film and new media sectors,” the partners said. “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.”

The goal is to attract new partners and capital, thereby enabling creatives on the continent and in 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,” they emphasized. The fund will develop commercially appealing content, which offers investors a strong return on investment while simultaneously transforming Africa’s creative industries.”

Said Cook: “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.”

Added Njuguna: “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.”

She added: “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.”

The demand for African original content has been on the rise, driven by a growing middle class and a surge in streaming households on the continent and interest abroad from members of the African diaspora and beyond. However, creatives from Africa continue to face challenges, including when it comes to the financing of projects.

“According to UNESCO, African films and audiovisual industries currently generate $5 billion, only a quarter of their true potential of over $20 billion to Africa’s GDP,” Busola Tejumola, executive head of
content and West Africa channels at African pay-TV giant MultiChoice highlighted in a report published last year. “With consistent promotion and projection of our industry, we are confident that we will surpass this $20 billion mark in the coming years.”

The fund, which will establish a venture studio where creatives can incubate their ideas, 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, Areej Noor of Statement Films, Dominic Buchanan of Home Team and Chin Okeke of Misan Partners.

In addition to having African and African-diasporan creatives at the helm, projects must meet the following criteria: feature “narrative-shifting content” focused on a list of themes (gender/racial equity, democracy/governance, climate, health and inclusive economic growth); have a “specific focus on gender equity;” have 60 percent or more of the production done in Africa, including principal photography; include “apprenticeships/Internships on productions that build capacity among women and youth;” feature work that is globally appealing and commercially viable; and have budgets in the $1 million-$5 million range.