Sony Group has announced the establishment of the Sony Innovation Fund: Africa, an initiative aimed at supporting the growth of the entertainment businesses in Africa. This fund will focus on investing in seed to early-stage start-ups in the gaming, music, movie, and content distribution sectors within the African entertainment industry. Sony is initially allocating $10 million towards these investments.
Since 2016, Sony has been actively participating in the ecosystem of new business creation worldwide. Through its previous initiatives including the Sony Innovation Fund (2016), the Innovation Growth Fund (2019), and the Sony Innovation Fund: Environment (2020), Sony has already contributed to the growth of start-up companies. The Sony Innovation Fund, Sony Innovation Fund: Environment, and now Sony Innovation Fund: Africa are all fully funded by Sony.
The Sony Innovation Fund has been supporting its portfolio companies by providing opportunities for collaboration, which includes the provision of Sony-owned technologies, joint development, and business alliances. With the introduction of the Sony Innovation Fund: Africa, Sony aims to continue making value-added investments and will consider expanding its activities based on progress.
Sony Collaboration with International Finance Corporation (IFC)
In addition to the establishment of the Sony Innovation Fund: Africa, Sony has also entered into a collaboration agreement with the International Finance Corporation (IFC). As the largest global development institution focused on the private sector and actively investing in emerging countries, including start-up companies in Africa, the IFC brings valuable expertise and resources to the partnership.
The collaboration between Sony and IFC, beyond financial investment, will also leverage the strengths of both parties to support the growth of the entertainment industry in Africa. This partnership aims to contribute to the economic development of the creative sector in the region.
Statements from Sony and IFC
“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, chief strategy officer at Sony Group.
“We are excited about our collaboration with Sony, aimed at generating value for businesses in Africa’s creative industry. This partnership will harness IFC’s expertise in emerging markets and our extensive investments in the digital landscape. Sony’s exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector,” said Makhtar Diop, managing director at IFC.
