A NEW $40 million fund, called the Next Narrative Africa Fund, has been launched to empower content creators across Africa and the African diaspora. The initiative aims to finance the development, production, and marketing of projects that challenge long-standing stereotypes about the continent. The fund is a collaboration between Next Narrative Africa, a multimedia company focused on African storytelling, and HEVA Fund, a Kenyan firm specialising in creative economy advisory services.
According to The Hollywood Reporter, the fund will raise $30 million in equity financing and distribute $10 million in grants over the next four years, supporting high-impact television and film projects across Africa. By promoting authentic African narratives, the fund intends to shift global perceptions of Africa, emphasizing the continent’s vibrant culture and diverse stories.
Strategic partnerships and initial investments
One of the key investors in the fund is the William and Flora Hewlett Foundation, with expectations that more partners will join in the coming years. The fund will be co-led by Akunna Cook, founder and CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA. Together, they bring a wealth of expertise, combining Cook’s leadership in African policy at the US Department of State and Njuguna’s innovative approaches to hybrid financial models that blend venture capital with impact investment.
The fund’s mission is clear: to back ‘narrative-shifting content’ from Africa and its diaspora, while fostering innovation, economic growth, and job creation in Africa’s rapidly expanding television, film, and new media sectors.
Addressing barriers in Africa’s film industry
Despite Africa’s rich cultural heritage, African filmmakers have long struggled with barriers such as limited access to financing and industry resources. The Next Narrative Africa Fund aims to eliminate these obstacles by attracting more investment into Africa’s creative industries. The fund will develop content that not only entertains but also addresses socially relevant issues like gender and racial equity, governance, climate change, and inclusive economic growth.
Akunna Cook emphasised the importance of supporting African creatives: ‘Africans, both on the continent and in the diaspora, have been shaping global culture for decades. We’re excited to back content creators who seek to not only entertain but inspire and redefine the global narrative about Africa.’
Economic impact and job creation
The fund’s focus is not limited to producing high-quality, engaging content—it also aims to boost Africa’s creative economy through meaningful investment. Wakiuru Njuguna explained that this fund is about more than just returns: ‘We are committed to not only generating strong financial outcomes but also creating long-term, sustainable growth across the continent.’ She highlighted that every $10,000 invested in film production typically results in five new jobs, with expectations that this new fund will create substantial employment across Africa.
The rise in demand for African original content, both on the continent and among the African diaspora, has spurred interest in projects that present authentic African stories. However, creatives still face challenges, particularly in securing funding. This fund aims to fill that gap, providing the financial resources necessary to help African filmmakers compete on the global stage.
Supporting authentic, globally appealing content
To ensure the success of the projects it funds, the Next Narrative Africa Fund will establish a venture studio where African and African-diasporan creatives can develop their ideas. A strategic advisory board consisting of industry leaders—such as Darcy Heusel (Neon), Areej Noor (Statement Films), Dominic Buchanan (Home Team), and Chin Okeke (Misan Partners)—will guide the fund’s direction. This board will ensure that the content developed is both commercially viable and globally appealing.
Projects funded by the initiative must meet specific criteria, including featuring content that challenges traditional narratives, with a focus on gender equity, democracy, governance, climate, and health. Moreover, 60 percent or more of each project’s production must take place in Africa, and all productions must include apprenticeship and internship opportunities to build capacity among women and youth.
Busola Tejumola, executive head of content at African pay-TV giant MultiChoice, noted that Africa’s film and audiovisual industries currently generate $5bn annually, but their full potential is estimated to be more than $20bn. With initiatives like the Next Narrative Africa Fund, this untapped potential could soon be realised.
A bold vision for Africa’s creative economy
With this new fund, Next Narrative Africa and HEVA aim to radically transform Africa’s TV and film sectors by supporting creatives with the resources and networks they need to succeed. In doing so, the fund not only seeks to produce high-quality content but also aims to challenge how Africa is portrayed in Western media, ensuring that African stories are told by Africans, for a global audience.
‘We invite investors who are not only looking for financial returns but are also passionate about being part of a movement that is redefining Africa’s creative economy on the world stage. By supporting African storytelling, we are contributing to a new cultural narrative that will resonate for generations to come,’ Wakiuru Njuguna said.
The Next Narrative Africa Fund is set to play a pivotal role in Africa’s creative industry. By empowering local filmmakers and nurturing homegrown talent, the fund aims to bridge the gap between Africa’s potential and its current global presence, ensuring that African stories have the resources, reach, and respect they deserve.
Credit: Africabriefing
