Sony Group has established a US$10 million innovation fund to invest in African entertainment startups.
Since 2016, Sony has run a variety of funds, including the Sony Innovation Fund (2016), the Innovation Growth Fund (2019), and the Sony Innovation Fund: Environment (2020).
Its latest initiative, the Sony Innovation Fund: Africa, aims to support the growth of the entertainment businesses in Africa. It will invest in seed to early-stage startups in the entertainment industry in Africa, including startups in the gaming, music, movie and content distribution sectors. Sony is initially allocating US$10 million towards such investments.
In addition, Sony has concluded a collaboration agreement with the International Finance Corporation (IFC), the largest global development institution focused on the private sector which is actively investing in emerging countries, including startup companies in Africa. In addition to financial investment, this collaboration will support the growth of the entertainment industry in Africa by leveraging the strengths of both parties.
“Sony Group has been fostering next-generation technologies and startups 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. 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, executive deputy president and CSO of Sony Group Corporation.
