- Sony has announced the establishment of the Sony Innovation Fund: Africa.
- The Fund is aimed at identifying and investing in innovative startups across the continent.
- It has $10 million to invest, looking for startups in the gaming, music, movie, and content distribution sectors.
In 2016, Sony announced an initiative aimed at identifying and assisting promising startups in the form of its Sony Innovation Fund. Now a new element has been added to the initiative, with the Sony Innovation Fund: Africa officially being established.
The focus for the Fund will be to invest in seed to early-stage startups working in the entertainment industry, with Sony earmarking an investment of $10 million. This figure is an initial investment, so there will be opportunities further down the line for startups on the continent.
With entertainment being a rather broad segment, Sony noted that is looking for startups in the gaming, music, movie, and content distribution sectors as part of this newly expanded Fund.
“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 company confirmed in a release sent to Hypertext.
“In addition, Sony has concluded a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focused on the private sector which is actively investing in emerging countries, including start-up companies in Africa,” it added.
“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,” enthused Toshimoto Mitomo, executive deputy president and CSO, Sony Group Corporation.
More information about the Fund can be found here.
