Good news for people seeking to start something impactful in the creative sector.
Sony Ventures Corporation, under Sony Group, introduced a $10 million fund, Sony Innovation Fund: Africa (SIF: AF), to support entertainment ventures in the region.. The fund, geared towards African entertainment startups, will support early-stage gaming, music , film, and content distribution companies. The company will begin in Nigeria, Ghana, Kenya, and South Africa before expanding to other countries.
On October 11, 2023, Sony committed to backing Africa’s entertainment industry via Sony Innovation Fund: Africa (SIF: AF).
Sony prioritizes Nigeria due to its thriving youth population, vibrant entertainment industry, and expanding tech scene, which is home to notable startups like iROKOtv, Boomplay, and Stripe.
Sony Ventures CEO Gen Tsuchikawa, in an exclusive with TechCrunch, affirmed the company’s continued dedication to the entertainment sector, despite also funding other areas through the 2016-established Sony Innovation Fund.
He stated, “Entertainment has been and will remain a central focus for Sony Innovation Fund.”
Tsuchikawa further explained that Africa’s large net of creatives influenced the company’s desire to invest in it. “Africa, in particular, has a vibrant community of creators and entrepreneurs looking to invent new ways to enhance entertainment experiences for audiences and that propelled Sony to establish SIF: AF,” he expressed.
The $10 million investment will span across various entertainment startups, including in music, film, gaming and content distribution sectors.
No specific timeline or startup count has been determined for fund deployment.
Recipients will undergo due diligence, with details forthcoming.