Next Narrative Africa and HEVA Fund Launch $40M Fund for African Filmmakers
Next Narrative Africa, a Nigerian media production company, and HEVA Fund, a Kenyan investment firm, have teamed up to launch a $40 million fund aimed at supporting African filmmakers.
Investment Details
The Next Narrative Africa Fund will invest in films with budgets ranging from $1 million to $5 million per project. The fund will take equity stakes in some films and provide grants in others. Over the next four years, the fund aims to raise and deploy the full $40 million, with a first close targeted for Q1 2025 and a final close by Q4 2025. Initial investments are expected to begin in the same year.
Industry Impact
This fund represents a new investment avenue as interest in Africa’s film and audiovisual industry continues to grow. Nigeria’s Nollywood and South Africa’s film industries have been particularly successful, topping box office charts and delivering significant returns to investors. Some Nollywood investors have reported returns as high as 3x. Major players like Netflix have invested approximately $178 million in African film content since 2016.
Investment Focus
The fund will target commercially viable projects with global appeal, produced primarily in Africa. These projects will focus on themes such as gender and racial equity, democracy and governance, climate, health, and inclusive economic growth.
Leadership and Advisory Board
“Africans on the continent and in the diaspora have always been at the forefront of shaping global culture. We’re excited to support creatives who aspire to not only entertain but also inspire and usher in a new narrative about Africa and people of African descent,” said Akunna Cook, CEO and Founder of Next Narrative Africa.
As Reported by techcabal The fund will be guided by an advisory board of entertainment executives, filmmakers, film distributors, and experts in narrative change. Notable members include Darcy Heusel of Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke of Misan Partners. The fund will also invest in the broader film and TV ecosystem, including infrastructure.
This initiative marks a significant step forward for African cinema, providing much-needed financial support and fostering a new wave of storytelling from the continent.
