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 fund the development, production and marketing of “projects that challenge and change long-standing narratives about Africa.”

It was created by Next Narrative Africa, a media production company that “tells African stories for global impact,” and Kenyan creative economy-focused consultancy HEVA Fund. “The fund will raise and deploy $30 million in equity funding 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 join over time.

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

The Next Narrative Africa Fund will “support narrative content on the move from Africa and its diaspora,” according to a fund description. “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, African filmmakers have for many years faced barriers to effective participation in the broader film economy, including funding and access to relevant resources.”

The aim is to attract new partners and capital, thereby enabling creatives from the continent and the diaspora to “tell powerful and authentic stories that not only entertain, but also address socially relevant issues and transform the stereotypical presentation of Africa in Western media,” they stressed. The fund will develop commercially compelling content that offers investors a strong return on investment while transforming Africa's creative industries.”

Cook said: “Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. So, we are thrilled to support creators who aspire to not only entertain, but also inspire and usher in a new narrative about Africa and people of African descent. By supporting new narratives from Africa and its diaspora, we are making our mark in diversifying the stories being told.”

Njuguna added: “With this new fund, we are making significant strides in investing in the TV and film sector, not only aiming for strong financial returns, but also generating significant employment and driving long-term sustainable growth across the continent. Through years of experience, we have seen the profound impact this sector can have across Africa.”

He added: “HEVA’s track record is that 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 to come. We invite investors who are not only looking for financial returns, but are also passionate about being part of a movement that is transforming Africa’s creative economy and elevating it to the global stage.”

Demand for African original content is on the rise, driven by a growing middle class and a wave of streaming households on the continent, and interest abroad from members of the African diaspora and beyond. However, African creatives continue to face challenges, including when it comes to project financing.

“According to UNESCO, African film and audiovisual industries currently generate $5 billion, only a quarter of their true potential of over $20 billion in Africa's GDP,” said Busola Tejumola, Executive Director of
West African content and channels at African pay-TV giant MultiChoice highlighted in a report released last year. “With continued promotion and projection of our industry, we are confident that we will surpass this $20 billion milestone in the coming years.”

The fund, which will establish a venture capital studio where creatives can incubate their ideas, will be guided by a strategic advisory board of entertainment executives, filmmakers, film distributors and narrative change experts, including 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 diaspora creatives at the helm, projects must meet the following criteria: feature “shifting narrative content” that focuses 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 shot in Africa, including principal photography; include “apprenticeships/internships in productions that build capacity among women and youth”; feature work that is globally compelling and commercially viable; and have budgets between $1 million and $5 million.