Next Narrative Africa and HEVA Fund have unveiled a groundbreaking $40 million initiative aimed at empowering African and diaspora content creators. Announced at the United Nations General Assembly in New York City, this fund is designed to tackle long-standing challenges faced by African filmmakers and creatives, driving both cultural and economic growth across the continent.
Backed by the William and Flora Hewlett Foundation and USAID Prosper Africa, the initiative will provide $30 million in equity financing and $10 million in grants over the next four years. These funds will support audio-visual projects in Africa, with a focus on themes such as gender equity, democracy, climate change, health, and economic development. Projects must have 60% of their production based in Africa, with budgets ranging from $1-5 million.
Under the leadership of Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund, the initiative aims to create jobs, particularly for women and youth, while transforming the global perception of Africa through storytelling.
“This fund not only supports African creatives but also diversifies the stories being told about Africa and its diaspora, which is long overdue,” said Akunna Cook. “Africans on the continent and in the diaspora have always shaped global culture, and we’re thrilled to support fresh narratives that inspire change.”
The initiative also includes the launch of a Venture Studio for creative incubation, and a strategic advisory board will provide expert guidance for investments. This comes at a time when Africa’s video-on-demand market is projected to surge, further boosting the continent’s burgeoning entertainment industry.
The fund’s official launch event, “The Bridge,” was held at New York’s iconic Apollo Theater on September 26, 2024. The event featured performances by Afrobeats stars Adekunle Gold and Patoranking, with notable attendees including Nigeria’s Minister for Art, Culture, and Creative Economy, Hannatu Musawa, and U.S. African Development Foundation President, Travis Adkins.
HEVA Fund, established in 2013, is renowned for providing innovative financing solutions for Africa’s creative industries, with a focus on youth and women-led businesses. Wakiuru Njuguna highlighted the fund’s commitment to fostering business ownership and intellectual property rights within Africa’s cultural and creative sectors.
This $40 million investment signals a major leap forward for Africa’s creative ecosystem, offering new opportunities for content creators to tell their stories, generate income, and reshape global perceptions of Africa.
With storytelling as a powerful tool for change, this initiative promises to not only entertain but inspire, while showcasing Africa’s potential on the world stage.
