Sony Group Corporation has launched the “Sony Innovation Fund: Africa”, a $10 million initiative to foster the growth of entertainment businesses in Africa. This fund is set to support early-stage startups in the gaming, music, movie, and content distribution sectors.
Since 2016, Sony has been actively participating in the ecosystem of new business creation worldwide. The “Sony Innovation Fund: Africa” is the latest addition to Sony’s portfolio of innovation funds, which includes the “Sony Innovation Fund” (2016), “Innovation Growth Fund” (2019), “Sony Innovation Fund: Environment” (2020), and “Sony Innovation Fund 3” (2022).
The fund is wholly funded by Sony and has been established to invest in seed to early-stage startups in the entertainment industry in Africa. Sony is initially allocating US$10 million towards such investments.
In addition to financial investment, Sony has concluded a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focused on the private sector actively investing in emerging countries, including startup companies in Africa. This collaboration will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties.
Sony Innovation Fund Future Expansion
With the “Sony Innovation Fund: Africa”, Sony will continue to make value-added investments and potential expansion of this activity will be considered based on its progress. The fund will also explore opportunities for collaboration between its African portfolio companies and Sony’s entertainment business group.
Through this initiative, Sony hopes 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