Grace Ashiru
Next Narrative Africa, a Nigerian media production company, has partnered with HEVA Fund, a Kenyan-based investment firm, to establish a fund dedicated to African filmmakers.
The $40 million Next Narrative Africa Fund will focus on investing in films with budgets ranging from $1 million to $5 million per project, taking equity stakes in some of the films it finances while providing grants in other cases.
Over the next four years, the fund aims to raise and deploy the full $40 million, targeting a first close in the first quarter of 2025 and a final close by the end of the fourth quarter of 2025, with initial investments anticipated within the same year.
As interest in Africa’s film and audiovisual industry continues to grow, the Next Narrative Africa Fund presents a new opportunity for investment. Nigeria’s Nollywood and South Africa’s film industries have recently captured significant attention, topping box office charts and generating substantial returns for investors, with some Nollywood investors reporting returns of up to three times their investment. Since 2016, major players like Netflix have invested approximately $178 million in film content production across the continent.
The Next Narrative Africa Fund will specifically invest in commercially viable projects that possess global appeal and are primarily produced in Africa. These projects will tackle themes such as gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth.
“Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. We’re excited to support creatives who aspire to not only entertain but also inspire and usher in a new narrative about Africa and its people,” said Akunna Cook, CEO and Founder of Next Narrative Africa.
An advisory board comprising entertainment executives, filmmakers, film distributors, and experts in narrative change will guide the fund. Notable members include Darcy Heusel of Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke of Misan Partners. The fund will also invest in the broader film and television ecosystem, including infrastructure development.
