Since 2016, Sony has upped its investments to develop the tech sector in various parts of the world. In Africa, the company has decided to bank on an industry it knows quite well.

Last week, Japanese tech firm Sony Group Corporation announced the launch of the Sony Innovation Fund: Africa, a seed fund to support African startups. The new fund, launched in collaboration with the International Finance Corporation (IFC), is endowed with $10 million capital. It will target startups in the entertainment industry, notably in the gaming, music, cinema, and content distribution subsectors. 

"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 [Sony Group Corporation]," commented Executive Deputy President and CSO, Sony Group Corporation.

The entertainment industry is booming on the continent. Giants such as Netflix, Amazon Prime, and Canal+ are investing in African cinema and local content creation. Last April, Netflix said it has invested over €160 million in film production in Africa since 2016. Yet startups in the sector are struggling to attract capital, capturing just $42 million in 2022, or 0.9% of total venture capital investment attracted by the continent over the said period, according to data from Partech Africa.

"The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be. Africa, in particular, has a vibrant community of creators and entrepreneurs looking to invent new ways to enhance entertainment experiences for audiences and that propelled Sony to establish SIF: AF," explains Gen Tsuchikawa, CEO of Sony Ventures, the corporation in charge of the management of all of Sony’s venture investment activities.

Adoni Conrad Quenum