A $10 million innovation fund has been established by Sony Group to support investments in African entertainment startups.
The Sony Innovation Fund, the Innovation Growth Fund, and the Sony Innovation Fund: Environment have all been running since 2016 for Sony.
The Sony Innovation Fund: Africa, its most recent initiative, aims to support the expansion of the entertainment industry in Africa. It will make seed to early-stage investments in African entertainment startups in the gaming, music, film, and content distribution industries. For these investments, Sony is initially allocating US $10 million.
A collaboration agreement between Sony and the International Finance Corporation (IFC), the largest private sector-focused development organization in the world that actively invests in developing nations, including early-stage businesses in Africa, has also been reached. By combining the strengths of both parties, this partnership will aid in financial investment as well as the expansion of the African entertainment sector.
“Sony Group has been fostering next-generation technologies and startups and promoting open innovation through its corporate venture capital activities to date. 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. And I am confident that our collaboration with IFC, which has a strong presence in emerging markets, will enhance this activity by leveraging both parties’ strengths,” said Toshimoto Mitomo, executive deputy president and CSO of Sony Group Corporation.
