Ayodeji Ayenuwa
Sony Group Corporation has launched the “Sony Innovation Fund: Africa,” a $10 million initiative aimed at supporting entertainment startups in Africa.
This fund is geared towards early-stage companies in the gaming, music, film, and content distribution sectors.
In a statement, Gen Tsuchikawa, CEO, and Chief Investment Officer of Sony Ventures Corporation, expressed his excitement about the initiative, saying, “I am excited to announce the launch of the Sony Innovation Fund: Africa, an initiative to support the growth of entertainment businesses in Africa.”
The entertainment industry in Africa has often struggled to secure consistent venture capital funding, with fintech typically receiving the majority. However, despite these challenges, there is significant potential for growth in the gaming, music, and content distribution sectors.
Tsuchikawa added, “We are exploring investments in these areas because we see great potential and exciting creativity from the creators, entrepreneurs, and teams in Africa, and we want to support that.”
Sony Ventures is planning to make investments ranging from $250,000 to $1 million, Tsuchikawa noted, “We plan to start our work with South Africa, Kenya, Nigeria, and Ghana, but there is a possibility of expanding the scope of the project in the future.”
This decision to enter the African entertainment startup scene is part of the Ventures’ commitment to fostering innovation and supporting young creators in Africa.
Additionally, the company has entered into a collaboration agreement with the International Finance Corporation (IFC), a global development institution investing in emerging markets, including Africa.
This collaboration aims to support the growth of Africa’s entertainment industry by leveraging the strengths of both parties.
Toshimoto Mitomo, the executive vice president of Sony Group Corporation, stated, “Sony Group has been fostering next-generation technologies and startups and promoting open innovation through its corporate venture capital activities. Through the activities of Sony Innovation Fund: Africa, we hope to accelerate the growth of the African entertainment industry and contribute to the progress and development of the region by providing opportunities for collaboration with the entertainment businesses within the Group.”
SOURCE: Sony Group Corporation
Techrectory with Agency Report.
