Sony establishes a $10 million fund to support African entertainment entrepreneurs.
Since 2016, Sony has administered various investment funds, including the Sony Innovation Fund (established in 2016), the Innovation Growth Fund (launched in 2019), and the Sony Innovation Fund: Environment (introduced in 2020).
Their most recent endeavor, the Sony Innovation Fund: Africa, seeks to bolster the growth of the entertainment industry in Africa. The fund will provide financial support to early-stage startups in the African entertainment sector, encompassing gaming, music, movies, and content distribution. Initially, Sony has earmarked $10 million for investments in this initiative.
Additionally, Sony has formalized a partnership with the International Finance Corporation (IFC), the largest global development institution primarily focused on the private sector, with a notable presence in emerging markets, including African startup companies. This collaboration aims to not only offer financial support but also to leverage the unique strengths of both entities to foster the expansion of the entertainment industry in Africa.
Toshimoto Mitomo, the executive deputy president and CSO of Sony Group Corporation, emphasized that Sony has a track record of nurturing emerging technologies and startups while promoting open innovation through its corporate venture capital activities. Through the Sony Innovation Fund: Africa, they aspire to expedite the growth of the African entertainment industry and contribute to the region’s progress and development by facilitating partnerships with other entertainment businesses within the Group. Furthermore, the collaboration with IFC, renowned for its presence in emerging markets, is expected to fortify these efforts by harnessing the strengths of both parties.”