$40 Million Fund Launched by Next Narrative Africa & HEVA to Support African Content Creators.

Next Narrative Africa and HEVA Fund have jointly launched a $40 million initiative to support African content creators and those in the diaspora, with a focus on reshaping global narratives about the continent. The announcement, made at the United Nations General Assembly in New York City, outlines a comprehensive plan to empower African filmmakers and creative professionals.

The Next Narrative Africa Fund will distribute $30 million in equity financing and $10 million in grants over a four-year period, specifically to support audio-visual projects produced in Africa. This initiative aims to tackle long-standing barriers, such as limited access to financing and resources, which have hindered the growth of the African film and television industry.

Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund, are spearheading the effort to develop commercially successful content while fostering a new wave of African stories that challenge outdated stereotypes in global media.

The fund is supported by key partners including the William and Flora Hewlett Foundation and USAID Prosper Africa. In addition to financial backing, the initiative will establish a Venture Studio to incubate creative ideas, with guidance from a strategic advisory board made up of industry veterans and experts.

Initial projects supported by the fund will center on important themes such as gender equity, democracy, climate change, health, and economic development. To qualify, productions must have at least 60% of their production activities based in Africa and feature budgets ranging from $1-5 million.

The fund’s official launch event, titled “The Bridge,” will be held at the iconic Apollo Theater in New York City. The event will feature performances by leading Afrobeats artists Adekunle Gold and Patoranking, with notable attendees including Nigerian Minister for Arts, Culture, and Creative Economy Hannatu Musawa and Travis Adkins, president of the U.S. African Development Foundation.

With the number of subscription video-on-demand (VOD) users in Africa expected to grow from 3.9 million in 2020 to 13 million by 2025, the Next Narrative Africa Fund is strategically positioned to tap into the increasing global demand for African content.

Commenting on the fund’s mission, Cook stated: “We are long overdue for more diverse, authentic stories from Africa on the global stage. By empowering creators with the resources they need, especially women and young people, this initiative will not only enrich the content landscape but also contribute to Africa’s creative economy in a meaningful way.”

Njuguna added: “This fund represents a significant investment in Africa’s TV and film sector, and our aim is not just financial success. We’re looking to drive sustainable growth and job creation across the continent. From past experience, we’ve seen that every $10,000 invested in film production has generated five new job opportunities. We expect this initiative to create thousands of jobs, particularly for youth and women, as we roll out the first round of funding.”

As Africa’s creative industries continue to rise, this $40 million fund stands as a beacon of opportunity, promising to shape the continent’s media landscape while fueling economic growth and employment for generations to come.