New fund backs African Filmmakers with $40 million

Next Narrative Africa, a Nigerian media production company, and HEVA Fund, a Kenyan-based investment firm, have launched a fund for African filmmakers. 

The $40 million Next Narrative Africa Fund will invest in movies with budgets between $1 and 5 million per project, taking equity in some movies it funds. In other cases, it will simply provide grants. 

It will raise and deploy $40 million over the next four years and is targeting a first close in Q1 2025 and a final close by the end of Q4 2025, with initial investments expected in the same year.