Next Narrative Africa and HEVA Fund Launch $40M Fund to Empower African Content Creators

In a significant move for Africa’s creative industries, Next Narrative Africa and HEVA Fund have announced the launch of the $40 million Next Narrative Africa Fund, aimed at empowering content creators in Africa and the diaspora. The fund, unveiled during the United Nations General Assembly (UNGA) in New York City, is backed by major philanthropic organizations, including the William and Flora Hewlett Foundation and USAID Prosper Africa. This initiative seeks to address long-standing challenges in Africa’s burgeoning film, TV, and new media sectors by providing crucial financial and professional support to content creators.

Purpose and Scope of the Fund

The Next Narrative Africa Fund is designed to reshape the African film and TV industries by providing $30 million in equity financing and $10 million in grants over the next four years. The fund aims to drive economic growth, job creation, and innovation, while addressing barriers such as limited financing and resource access that have hindered African filmmakers’ participation in the global entertainment economy.

This initiative marks a major step forward in changing the stereotypical portrayals of Africa in Western media. The fund will help African and African diaspora creatives produce authentic, commercially appealing content that entertains global audiences while tackling socially relevant themes such as gender equity, democracy, climate change, and inclusive economic growth. The overarching goal is to transform Africa’s creative industries into a viable investment opportunity for both international and local investors.

Fund Launch Event: “The Bridge”

The fund was officially announced at “The Bridge,” a high-profile event held at the iconic Apollo Theater in New York City. The event featured performances by Afrobeats stars Adekunle Gold and Patoranking, and brought together notable figures including Hannatu Musawa, Nigeria’s Minister for Art, Culture, and Creative Economy, and Travis Adkins, President of the U.S. African Development Foundation. The gathering delved into discussions on African creativity, innovation, and the potential for the continent’s creative economy to thrive on the global stage.

Visionary Leadership: Akunna Cook and Wakiuru Njuguna

The Next Narrative Africa Fund is spearheaded by two influential African women: Akunna Cook and Wakiuru Njuguna.

• Akunna Cook, the CEO and Founder of Next Narrative Africa, brings a wealth of experience from her role as Deputy Assistant Secretary of State for African Affairs in the U.S. Department of State, where she shaped Africa policy. She has been a strong advocate for redefining global narratives around Africa, and her leadership in launching this fund underscores her commitment to supporting African content creators in telling powerful, authentic stories.
• Wakiuru Njuguna, Managing Partner at HEVA Fund, is an investment expert renowned for her innovation in developing hybrid financial models that blend venture capital with impact investment. Her work has been pivotal in driving investments in Africa’s creative sectors, and she believes that this fund will not only generate strong financial returns but also create meaningful jobs and promote sustainable growth across the continent.

Empowering African Creators and Transforming Narratives

A key goal of the fund is to enable African creators to develop content that shifts long-standing global narratives about the continent. Akunna Cook emphasized this during the launch, noting that Africans, both on the continent and in the diaspora, have historically been at the forefront of shaping global culture. She stated that the fund would support projects that entertain while also inspiring and reshaping perceptions of Africa, providing a long-overdue platform for African creatives to tell diverse and impactful stories. The focus will also be on creating jobs, particularly for women and youth, who are essential to building a sustainable creative ecosystem in Africa.

The fund’s investments will also boost Africa’s under-capitalized creative industry, positioning it as a compelling opportunity for investors seeking both financial returns and cultural impact. Wakiuru Njuguna shared that based on HEVA’s experience, for every $10,000 invested in film production, five new jobs were created. She expressed optimism that this fund would significantly increase job opportunities and contribute to long-term economic growth, particularly for Africa’s youth.

Investment Criteria and Key Focus Areas

The Next Narrative Africa Fund will focus on projects that align with specific criteria, including:

• Narrative-shifting content with themes centered around gender equity, racial equity, democracy and governance, climate change, health, and inclusive economic growth.
• A strong emphasis on gender equity, with a significant proportion of the fund targeting female creatives and projects that highlight women’s stories.
• At least 60% of production (including principal photography) must occur in Africa, ensuring that the content is rooted in the continent’s diverse cultures.
• The inclusion of apprenticeships and internships on productions, aimed at building capacity and skills, particularly among women and youth.
• Projects that are globally appealing and commercially viable, ensuring that the content resonates with international audiences while offering a strong return on investment.
• Budgets for funded projects will range between $1 million and $5 million, fostering the development of high-quality, large-scale productions.

The Role of the Venture Studio

One of the fund’s standout features is the establishment of a Venture Studio where African creatives can incubate their ideas and receive professional support. This studio will provide opportunities for collaboration with industry experts, including entertainment executives, filmmakers, and distributors. The Venture Studio is intended to hone storytelling skills, improve production strategies, and position creative entrepreneurs for early-stage investment.

The studio model also includes a strategic advisory board comprised of notable industry figures, such as Darcy Heusel from Neon, Areej Noor from Statement Films, Dominic Buchanan from Home Team, and Chin Okeke from Misan Partners. These advisors will ensure that supported projects meet high industry standards and are positioned for commercial success. Additionally, the fund will make investments in the broader TV and film ecosystem, including critical infrastructure projects.

Impact on Africa’s Creative Economy

The launch of this fund comes at a pivotal moment for Africa’s creative industries. The demand for African content is on the rise, fueled by the continent’s growing middle class and the increasing penetration of subscription Video on Demand (VOD) services. In 2020, the number of VOD subscribers in Africa stood at 3.9 million, but by 2025, this figure is expected to soar to 13 million. As more African consumers seek out locally produced content, the Next Narrative Africa Fund is poised to accelerate the growth of Africa’s entertainment industry and provide a platform for African stories to reach global audiences.

By addressing critical gaps in financing, training, and infrastructure, the fund aims to create a thriving creative ecosystem that not only tells Africa’s stories but also provides a sustainable path for economic growth and job creation. Its emphasis on gender equity and youth employment positions the fund as a transformative force in the region.

Conclusion

The Next Narrative Africa Fund represents a bold and strategic investment in Africa’s creative future. By empowering content creators, it seeks to transform global perceptions of Africa while generating meaningful employment opportunities and creating a sustainable, thriving creative ecosystem. With support from investors, philanthropists, and industry experts, the fund has the potential to elevate African content on the global stage, ensuring that the continent’s rich, diverse stories are told and celebrated worldwide.

As the fund begins to make its initial investments, the impact on Africa’s film and TV sectors will likely be profound, reshaping the landscape for content creators across the continent and the diaspora. Africa is set to redefine the global entertainment industry, and the Next Narrative Africa Fund is leading the charge.