The Sony Innovation Fund: Africa, created by Sony Group Corporation, is looking to invest $10 million in seed and early-stage entertainment sector startups across the continent.
Additionally, the fund will make investments in start-ups in the entertainment, music, film, and content distribution sectors.
Sony stated that it has been a part of the global ecosystem for new business creation since 2016 when it announced the fund today. Additionally, Sony and the International Finance Corporation (IFC) have struck a cooperative agreement to support the growth of the African entertainment industry.
Gen Tsuchikawa Sony Ventures CEO stated that with Sony’s entertainment business group assisting young, talented creators in Africa, this fund will also work to assist those creators and the expansion of the entertainment industry in Africa.
The CEO mentioned that the fund will assist in ways including providing technologies, collaborating with creators, intellectual property, and content, marketing support, and others to which Sony can contribute.
The most recent fundraising proves that digital entertainment entrepreneurs may take advantage of Africa’s attractive investment opportunities.
It is obvious that the entertainment market will continue to grow and improve over the coming years, especially as the world gets ready to enjoy more cutting-edge experiences made possible by digitalization.
Toshimoto Mitomo, Executive Deputy President and Chief Operating Officer of Sony Group Corporation, said “I am confident that our collaboration with IFC, which has a strong presence in emerging markets, will strengthen this activity by combining the strengths of both parties.
“This partnership will harness IFC’s expertise in emerging markets and our extensive investments in the digital landscape,” claims Makhtar Diop, Managing Director of IFC. Sony’s exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector.”
African entertainment startups raised a total of $13.9 million in 2020, almost 19 times what the sector had raised the previous year and nearly 116 times what it had secured in 2018. A total of $59.8 million was raised in 2022. Africa’s entertainment startup space is still in its early days and is poised to see more growth in the coming years.
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