$40M Fund Launched to Empower African and Diaspora Content Creators

Next Narrative Africa and HEVA Fund have launched the $40 million (approx 23.5 billion FCFA) Next Narrative Africa Fund. This programme, launched during the UN General Assembly, seeks to collect $30 million in equity funding and award $10 million in grants over four years to promote and empower Africa’s creative industries.

The fund, backed by the William and Flora Hewlett Foundation and USAID’s Prosper Africa initiative, promotes audiovisual industry innovation, economic growth, and job creation in Africa. It will support filmmakers and creators across the continent and its diaspora, addressing the long-standing challenges of financing and access to resources that have hindered Africa’s creative economy.

Empowering African Creators and Changing Narratives

At the heart of the initiative is a mission to transform how Africa is portrayed globally. By empowering African and diaspora creatives, the fund seeks to develop commercially viable content that not only entertains but also tackles socially relevant themes such as gender equity, governance, climate, and inclusive economic growth.

“Africans on the Continent and in the diaspora have always been at the forefront of shaping global culture,” said Akunna Cook, CEO and Founder of Next Narrative Africa. “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. By supporting fresh narratives, we’re making a mark in diversifying the stories being told—and this is long overdue.”

Cook emphasised that the fund will also serve as a catalyst for job creation, particularly for women and youth, adding that it aims to showcase Africa’s creative industry as a viable investment opportunity. “We’re attracting new funding from investors and philanthropic sources and supporting projects that will make money, win awards, and influence culture,” she said.

Creating Jobs and Sustainable Growth

The new fund also promises a significant economic impact, particularly in the creation of jobs. Wakiuru Njuguna, Managing Partner at HEVA Fund, highlighted the potential for employment growth, noting that HEVA’s previous investments have demonstrated a direct link between financing and job creation.

“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,” said Njuguna. “Every $10,000 invested in film production has led to five new job opportunities. We expect this first round to create substantial employment, with even more opportunities in the future.”

The fund will target projects that feature gender equity, with at least 60% of production based in Africa. It also requires apprenticeships and internships that build capacity among women and youth, aiming to foster talent and ensure sustainable industry growth.

Global Appeal and Commercial Viability

The demand for African content is surging, especially on streaming platforms, and Next Narrative Africa Fund is ready to capitalise on this momentum. Subscription video-on-demand (VOD) users on the continent will increase from 3.9 million in 2020 to 13 million by 2025, demonstrating Africa’s growing influence on global entertainment.

“Next Narrative Africa is not only helping create a more diverse representation of Africa but is also positioning African content as a profitable and scalable business model for investors,” said Cook. The initiative will also establish a Venture Studio where creatives can incubate their ideas, collaborate with experts, and receive support in areas such as storytelling and strategy, providing them with the tools they need to succeed in a competitive global market.

Initial Projects and Strategic Partnerships

The first round of investments will focus on narrative-shifting projects that align with the fund’s thematic priorities. These include content that addresses gender and racial equity, democracy, climate, health, and economic growth. The funders expect the projects to have budgets between $1-5 million, focussing on ensuring global appeal and commercial viability.

The fund’s strategic advisory board includes notable figures from the global entertainment industry, such as Darcy Heusel of Neon and Dominic Buchanan of Home Team, who will lend their expertise to help shape the next wave of African storytelling.

The Next Narrative Africa Fund marks a significant leap forward for the continent’s creative industries. As Njuguna noted, “We invite investors who are not just looking for financial returns but are also passionate about being part of a movement that is transforming Africa’s creative economy and elevating it on the global stage.”

For more information on how to get involved, visit: Next Narrative Africa.

Mimi Mefo Info