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Sony Establishes Sony Innovation Fund: Africa

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Sony Group Corporation has established “Sony Innovation Fund: Africa” as an initiative to support the growth of the entertainment businesses in Africa.

Sony is initially allocating US$10m towards such investments. The fund 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. 

Since 2016, Sony has been participating in the ecosystem of new business creation around the world and has contributed to supporting the business growth of start-up companies through:

  • “Sony Innovation Fund” (2016), which invests in seed to early-stage companies;
  • “Innovation Growth Fund” (2019), which was established through a joint venture with Daiwa Capital Holdings Co. (currently Daiwa Investment Management Co., Ltd.);
  • “Sony Innovation Fund: Environment” (2020), which supports companies addressing global environmental issues; and
  • “Sony Innovation Fund 3” (2022), the successor to the “Innovation Growth Fund”.

Since its inception, the Sony Innovation Fund has supported the growth of its portfolio companies by providing opportunities for collaboration, ranging from the provision of Sony-owned technologies to joint development and business alliances. With this new fund focused on Africa, the company will continue to make value-added investments, and potential expansion of this activity will be considered based on its progress.

In addition, Sony has concluded a collaboration agreement with the International Finance Corporation (IFC),  a 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.

VCWire

13/10/2023