Next Narrative Africa, a multimedia entertainment production company, and HEVA Fund, a creative industries-focused investments and advisory group, have announced the launch of The Next Narrative Africa Fund, a $40 million fund for creatives in TV, Film and New Media sectors.
The Next Narrative Africa Fund is spearheaded by Akunna Cook and Wakiuru Njuguna and will offer up financing for the development, production and marketing of projects that confront and shift long-standing narratives about Africa. Akunna Cook is the CEO and Founder of Next Narrative Africa, who recently led Africa policy at the U.S. Department of State as Deputy Assistant Secretary of State for African Affairs, and Wakiuru Njuguna, an investment expert and a Managing Partner at HEVA Fund.
In a statement, Akunna Cook, CEO and Founder of Next Africa Narrative Africa said, “Africans on the Continent and in the diaspora have always been at the forefront of shaping global culture. So, we’re excited to support creatives who aspire to not only entertain, but to also inspire and usher in a new narrative about Africa and people of African descent.”
The fund, announced during the United Nations General Assembly (UNGA), will raise and deploy $30 million in equity financing and $10 million in grants over the next four years to enable audio-visual creatives on the continent and the diaspora to tell powerful, authentic stories that not only entertain, tackle socially relevant themes and transform the stereotypical presentation of Africa in Western media. The content has to be commercially appealing to offer investors a strong return on investment.
The demand for African content is rapidly escalating, driven by a growing middle class and a surge in subscription VOD—from 3.9 million users in 2020 to an expected 13 million by 2025, Africa is set to redefine global entertainment with its rich, diverse content and Next Narrative Africa Fund is poised to accelerate this movement.
Wakiuru Njuguna, Managing Partner at HEVA Fund added, “With this new fund, we are taking significant steps forward in investing in the TV and Film sector—not just aiming for strong financial returns, but also generating meaningful employment and promoting sustainable, long-term growth across the continent.”
The demand for African content is rapidly escalating, driven by a growing middle class and a surge in subscription VOD—from 3.9 million users in 2020 to an expected 13 million by 2025, Africa is set to redefine global entertainment with its rich, diverse content and Next Narrative Africa Fund is poised to accelerate this movement.
With initial support from the William and Flora Hewlett Foundation, the fund will be guided by a strategic advisory board consisting of entertainment executives, filmmakers, film distributors and experts in narrative change, such as Darcy Heusel, Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team and Chin Okeke of Misan Partners.