The Next Narrative Africa Fund is a new initiative aimed at supporting African filmmakers, recently launched by the Nigerian media production company, Next Narrative Africa, in partnership with HEVA Fund from Kenya. This fund represents a significant commitment of $40 million to invest in films that capture the unique stories and experiences of the African continent. It is an exciting development in the film industry, promising to enhance creativity and representation in cinema.
The fund specifically targets films with budgets ranging from $1 million to $5 million per project. This flexible budget range allows for a diverse array of film projects, ensuring support for both emerging and established filmmakers. In terms of investment strategy, the fund may take an equity stake in some films while also providing grants for other projects, depending on their needs and potential.
The Next Narrative Africa Fund aims to raise and deploy the entire $40 million over the next four years. The team is targeting an initial closing in the first quarter of 2025, with plans for a final close by the end of the fourth quarter of the same year. Initial investments are expected to begin in 2025, marking a new era for African cinema and providing crucial financial backing for projects that may struggle to secure traditional funding.
The fund will focus on projects that explore themes such as gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth. By prioritizing these vital issues, the Next Narrative Africa Fund hopes to not only entertain audiences but also to inspire change and promote understanding both within Africa and around the globe.
Guiding the fund’s investments will be an advisory board made up of entertainment executives, filmmakers, and experts in narrative change. Notable advisors include Darcy Heusel from Neon and Areej Noor of Statement Films. Their collective experience will be invaluable in ensuring that the fund supports projects that not only meet commercial viability but also enhance the storytelling landscape in Africa.
The establishment of the Next Narrative Africa Fund comes at a time when interest in Africa’s film industry is on the rise. With Nigeria’s Nollywood and South Africa’s film sectors already making headlines and achieving considerable success, this fund could further bolster the industry. By supporting innovative projects with global appeal, the fund aims to reshape the narrative around Africa’s contributions to cinema and culture, showcasing the rich stories and perspectives that resonate with audiences everywhere.
