In a groundbreaking development for Africa’s film industry, Nigerian media production company Next Narrative Africa and Kenyan-based investment firm HEVA Fund have teamed up to launch the Next Narrative Africa Fund. This $40 million initiative aims to support African filmmakers by investing in film projects with budgets ranging between $1 million and $5 million. The fund will not only provide equity investments in certain projects but also offer grants in others, reflecting its dual commitment to fostering both creative and commercial growth across the continent.
Over the next four years, the Next Narrative Africa Fund plans to raise and deploy $40 million. The fund is targeting a first close by the first quarter of 2025, with the final close expected by the end of the fourth quarter that same year. Initial investments are set to begin shortly thereafter, offering African filmmakers the financial backing they need to scale up production and reach broader audiences. This initiative represents a timely opportunity for investment in Africa’s rapidly growing film and audiovisual sectors.
The African film industry has gained global attention, with the Nigerian film industry, Nollywood, and South Africa’s film sector at the forefront of this transformation. Nollywood, the second-largest film industry in the world by volume, has consistently yielded strong returns for investors, with some reporting returns as high as three times their initial investment. International players like Netflix have also recognized the continent’s potential, investing $178 million in African film content production since 2016.
The Next Narrative Africa Fund aims to build on this momentum by focusing on commercially viable projects with global appeal that are produced primarily in Africa. These films will not only entertain but also tackle critical social issues, with themes including gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth. This approach reflects a broader vision to reshape global perceptions of Africa through the power of storytelling.
“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. Cook’s statement reflects the growing recognition of African creatives as vital contributors to global cultural discourse and the potential for African stories to resonate with audiences around the world.
The fund will be guided by an advisory board of entertainment industry veterans, filmmakers, film distributors, and narrative change experts. Notable figures include Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke of Misan Partners. Their collective expertise will play a critical role in identifying and supporting high-potential projects, ensuring that the fund’s investments align with its mission of promoting both artistic excellence and social impact.
Beyond individual film projects, the Next Narrative Africa Fund will also invest in the wider film and TV ecosystem across Africa. This includes infrastructure development, which is key to building a sustainable and thriving film industry on the continent. As Africa’s creative economy continues to expand, the fund’s strategic investments are expected to have a lasting impact, fostering innovation and supporting the growth of the continent’s audiovisual sectors.
By providing both financial backing and creative support, the Next Narrative Africa Fund offers a new pathway for African filmmakers to produce world-class content that challenges stereotypes and shifts the global narrative about Africa. As the fund begins to roll out its first investments in 2025, it is set to become a catalyst for change in Africa’s film industry, unlocking opportunities for filmmakers, creating jobs, and amplifying African voices on the global stage.
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