Sony targets African entertainment start-ups with $10m fund
Sony Group Corporation has established the Sony Innovation Fund: Africa, which is able to invest $10 million in seed to early-stage entertainment sector start-ups across the continent.
The fund will also invest in start-ups in the gaming, music, film, and content distribution industries.
In announcing the fund, today, Sony said that it has been participating in the ecosystem of new business creation throughout the world since 2016.
Further, Sony has signed a collaboration agreement with the International Finance Corporation (IFC) to promote the expansion of the African entertainment business.
Toshimoto Mitomo, executive deputy president and CSO of Sony Group Corporation, says: "Through the activities of Sony Innovation Fund: Africa, we hope to accelerate the growth of the African entertainment industry and contribute to the region's progress and development by providing opportunities for collaboration with the group's entertainment businesses.
"I am confident that our collaboration with IFC, which has a strong presence in emerging markets, will strengthen this activity by combining the strengths of both parties."
Makhtar Diop, MD, IFC says: "This partnership will leverage IFC's expertise in emerging markets and our extensive investments in the digital landscape.
“Sony's history as a global player in entertainment, media, and technology positions us well to contribute to the creative sector's economic growth."