In an announcement made on Wednesday, October 11, 2023, Sony Group has pledged support to Africa’s entertainment businesses through Sony Innovation Fund: Africa (SIF: AF).
Speaking with TechCrunch on the investment, Gen Tsuchikawa, the CEO of Sony Ventures, revealed that the company remains fully committed to its entertainment line despite funding other sectors of society through the Sony Innovation Fund established in 2016.
He revealed, “The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be.”
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.
Sony plans to kick-off with South Africa, Kenya, Ghana, and Nigeria before it moves on to other countries. However, no time frame has been announced as to when the investment will be deployed and there is currently no particular number of startup companies that would be benefiting from the funds.
The beneficiaries are expected to undergo a due diligence process and the details would be released following a successful completion of the diligent process.
