Sony Group has initiated a $10 million innovation fund known as the “Sony Innovation Fund: Africa” to invest in African entertainment startups. The fund is designed to support the growth of entertainment businesses in Africa, targeting seed to early-stage startups in various sectors such as gaming, music, movies, and content distribution.
Sony has also entered into a collaboration agreement with the International Finance Corporation (IFC), a global development institution focused on the private sector and actively investing in emerging countries, including African startups. This partnership aims to bolster the growth of the entertainment industry in Africa by leveraging the strengths of both parties.
Toshimoto Mitomo, Executive Deputy President and CSO of Sony Group Corporation, expressed confidence that this initiative will accelerate the African entertainment industry’s growth and contribute to the region’s development through collaboration opportunities within the Group and in conjunction with the IFC.
Source: Disrupt Africa
