The “Sony Innovation Fund: Africa” program has been unveiled by Sony Group Corporation as a means of fostering the expansion of Africa’s entertainment industries.
Through its “Sony Innovation Fund” (2016), which invests in seed to early-stage companies, “Innovation Growth Fund” (2019), which was created through a joint venture with Daiwa Capital Holdings Co. (currently Daiwa Investment Management Co., Ltd.), the “Sony Innovation Fund: Environment” (2020), and other initiatives, Sony has been a part of the ecosystem of new business creation around the world since 2016. Sony is the sole sponsor of the Sony Innovation Fund, the Sony Innovation Fund: Environment, and the Sony Innovation Fund: Africa.
The “Sony Innovation Fund: Africa” has been created to invest in seed and early-stage start-ups in the African entertainment market, including those in the gaming, music, film, and content distribution industries. For these investments, Sony is initially allocating US$10 million.
The Sony Innovation Fund has supported the expansion of its portfolio firms ever since it was founded by offering chances for cooperation, from the provision of technologies owned by Sony to joint development and business relationships. Sony will continue to make value-added investments through the “Sony Innovation Fund: Africa,” and based on its success, the possibility of expanding this activity will be evaluated.
Comment from Toshimoto Mitomo, Executive Deputy President and CSO, of Sony Group Corporation said: “Sony Group has been fostering next-generation technologies and start-ups 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. 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.”
IFC Managing Director Makhtar Diop made the following statement:“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.”
Additionally, Sony has reached a partnership arrangement with the International Finance Corporation (IFC), the biggest private sector-focused development organization in the world that actively invests in developing nations, particularly start-up businesses in Africa.
By combining the strengths of the two parties, this partnership will help the entertainment sector in Africa flourish in addition to providing financial investment.