Nigerians to benefit from $10m Sony Innovation fund for Africa
By Ibidunni Banjoko
Sony Group’s entertainment division has revealed plans to invest $10 million in early-stage entertainment startups in Africa. This investment will be channeled through the Sony Innovation Fund: Africa (SIF: AF), a new fund established by Sony Ventures Corporation. The fund will target startups operating in the gaming, music, film, and content distribution sectors in Africa.
Initially, Sony intended to focus its efforts on four African countries: South Africa, Kenya, Ghana, and Nigeria, with plans to expand to other countries on the continent in the future. The choice of Nigeria is partly due to its significant and growing youth population, a vibrant entertainment industry, and a growing tech ecosystem. Nigeria is also home to several successful startups, including iROKOtv, Boomplay, and Stripe.
According to Techcrunch, Gen Tsuchikawa, CEO of Sony Ventures, emphasized the company’s commitment to its entertainment line and its focus on Africa as a key area of interest. Tsuchikawa pointed out that Africa has a dynamic community of creators and entrepreneurs seeking to innovate and enhance entertainment experiences for audiences.
While Sony has not provided specific details regarding the timeline for deploying the $10 million investment or the number of startups that will benefit from the funds, the company has stated that it will begin the due diligence process for potential beneficiaries in the coming days.
Sony’s investment in African entertainment startups reflects the growing interest in the continent’s tech and entertainment industries. Many other global tech companies, such as Google, Microsoft, and Facebook, have also invested in African startups in recent years. This investment from Sony is poised to boost the Nigerian entertainment industry, which is already one of the largest and most vibrant in Africa, further fueling its growth and creating new opportunities for Nigerian creatives and entrepreneurs.
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