Venture Capital: Sony Establishes Entertainment-Focused Venture Fund For Startups In Africa

October 12, 2023 | News, Venture Capital

Sony has also put in place a collaboration agreement with the International Finance Corporation (IFC).

Sony Group Corporation (TYO: 6758) has unveiled the “Sony Innovation Fund: Africa,” an initiative designed to bolster the growth of the entertainment industry across the African continent. This move extends Sony’s commitment to fostering new business ventures worldwide, which began in 2016. The corporation has previously contributed to the expansion of startup companies through various funds, such as the “Sony Innovation Fund” (2016), focused on seed to early-stage companies, and the “Innovation Growth Fund” (2019), established in partnership with Daiwa Capital Holdings Co. Now, Sony is adding the “Sony Innovation Fund: Africa” to its lineup.

This new fund is dedicated to investing in seed to early-stage startups in Africa’s entertainment sector, spanning gaming, music, movies, and content distribution. Sony is dedicating an initial $10 million towards these investments. The company has a history of supporting its portfolio companies through collaboration, offering technologies, and forming business alliances. The “Sony Innovation Fund: Africa” will continue to create value-added investments, with potential expansion options in the future.

As a strategic maneuver, Sony has forged a partnership agreement with the International Finance Corporation (IFC), a prominent global development organization with a strong focus on the private sector and active investments in emerging nations, including startups in Africa. This collaboration is expected to boost the expansion of the entertainment industry in Africa by harnessing the combined strengths of both Sony and the IFC.

Toshimoto Mitomo, Executive Deputy President and CSO of Sony Group Corporation, said the new fund would accelerate the growth of the African entertainment industry and contribute to the progress and development of the region.

Related Story:  Mastercard Buys Stake In MTN’s Fintech Unit For Undisclosed Amount

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