This initiative, known as the Next Narrative Africa Fund, is set to invest in film projects across the continent with budgets ranging between $1 million and $5 million per project.

The fund plans to offer both equity investments and grants to filmmakers.

Over the next four years, the fund aims to raise and deploy its full $40 million, with a target of securing an initial close in the first quarter of 2025 and a final close by the end of the fourth quarter of the same year. Initial investments are expected to begin in 2025.

This fund represents a significant opportunity for African filmmakers as interest in the continent’s film and audiovisual industries continues to grow.

Nigeria’s Nollywood and South Africa’s film sectors have been leading the charge, attracting global attention and delivering impressive returns for investors.

For example, some Nollywood investors have reportedly seen returns up to three times their initial investments.

Since 2016, major streaming platforms like Netflix have invested approximately $178 million in African film content.

The Next Narrative Africa Fund will focus on supporting commercially viable projects with international appeal, with a particular emphasis on films that address themes such as gender and racial equity, democracy, governance, climate, health, and inclusive economic growth.

Projects must be primarily produced in Africa to qualify for investment.

“We’re excited to support creatives who aspire to not only entertain but also inspire and reshape the global narrative around Africa and people of African descent,” said Akunna Cook, CEO and Founder of Next Narrative Africa.

An advisory board composed of entertainment executives, filmmakers, film distributors, and narrative change experts will guide the fund’s investments.

Notable members of the board include Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke from Misan Partners.

In addition to financing films, the fund will also invest in the broader film and TV infrastructure across Africa.

The awards were presented at the Africa Venture Finance Programme, a week-long event hosted at Oxford University’s Saïd Business School.

This was the third edition of the programme, which is designed to support VC fund managers who focus on early and growth-stage technology companies in Africa.

Hosted by Boost Africa and AfricaGrow, the event brought together 41 leading fund managers representing 31 African VC funds.

First Circle Capital’s all-female team won the “Most Promising Fund Manager” award for their work investing in early-stage fintech founders.

SpeedInvest was recognized with the “Best Deal” award for their investment in Nigeria-based Moove, a fast-growing company offering vehicle financing and supply chain solutions.

Lastly, Keet van Zyl, founding partner of South Africa’s Knife Capital, received the “Lifetime Achievement Award” in recognition of his contributions to the venture ecosystem and his leadership in the industry.

The award winners were selected from a shortlist by their peers, with a final decision made by a panel of judges that included limited partners.

The week-long event attracted participation from notable funds such as Partech, AfricInvest, TLcom Capital, and Norrsken22.

It provided a platform for investors to exchange ideas and discuss solutions tailored to Africa’s unique challenges, fostering growth in the continent’s tech venture capital sector.

Over half of the attendees were women, signaling progress in gender inclusivity within VC leadership.

Speaking about the event, European Investment Bank (EIB) vice-president Ambroise Fayolle stated, “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses. The EIB remains committed to financing new technology and ideas that will address global challenges.”

The funds will support SPMS’s expansion strategy, enabling the company to triple its cultivated land and accelerate its growth.

SPMS, founded by agronomists Samir Jbali and Samir Belhouari, has been a key player in Morocco’s agricultural sector since its inception.

Originally specializing in cherry tomato production in 1992, the company expanded into red fruits, including raspberries, blueberries, and blackberries, in 2014 through a partnership with Driscoll’s, a global leader in fresh berries.

Headquartered in Agadir, Morocco, SPMS currently operates across 101 hectares and employs over 2,000 workers, most of whom are trained in modern agricultural practices.

With Vantage Capital’s investment, SPMS plans to scale its operations to over 300 hectares.

“We are excited to have Vantage Capital’s support as we pursue our long-term growth strategy,” said Samir Jbali, CEO of SPMS. “This investment is a key milestone that will enable us to strengthen our market presence.”

Luc Albinski, Executive Chairman of Vantage Capital, expressed enthusiasm for the partnership.

“We are proud to support SPMS in this next phase of growth. The agricultural sector in Morocco is thriving, and SPMS has shown exceptional leadership in the industry.”

This marks Vantage Capital’s fourth investment in Morocco, with the firm being supported by Clifford Chance for legal counsel, Deloitte for financial and tax advice, and Ibis Consulting for environmental review.

The investment represents a significant boost for the agricultural sector in Morocco, with SPMS poised for further growth in the years to come.

The project involves the construction of a 219-kilometer pipeline that will transport desalinated water from the Atlantic coast to central Morocco.

This initiative aims to ensure a sustainable water supply for both OCP’s operations and local communities.

OCP’s Chairman and CEO, Mostafa Terrab, highlighted the project’s significance, stating:

“This is a testament to OCP’s commitment to sustainable development and innovation. By securing a reliable source of desalinated water, we are not only enabling the continued growth of our operations but also providing essential resources to local communities.”

The project aligns with OCP’s broader goal of relying entirely on non-conventional water sources and powering its operations with renewable energy.

By 2030, the pipeline is expected to be powered exclusively by renewable energy.

Beyond this initiative, OCP has been actively involved in combating food insecurity and supporting local farmers across Africa.

The group’s efforts include donating fertilizers, providing agronomic support, and improving soil health.

Morocco has been grappling with severe droughts in recent years, leading to water shortages that have impacted both agricultural and industrial sectors.

King Mohammed VI recently emphasized the urgent need to address the country’s water crisis and implement sustainable solutions for water resource management.

The OCP-IFC partnership is a significant step towards addressing these challenges and ensuring long-term water security in Morocco and the broader African region.

This investment will fuel the company’s growth and accelerate the development of its AI-powered recruitment solutions.

Founded in 2021, Kwiks streamlines the hiring process by connecting companies with top freelance headhunters.

The platform’s innovative approach has gained traction in the Moroccan market, and this new funding will enable Kwiks to expand its reach and enhance its services.

“We are thrilled to have Azur Innovation Management as a strategic partner,” said Amine Khayatei Houssaini, CEO of Kwiks.

“Their investment will allow us to further develop our AI-driven solutions and provide even greater value to our clients.”

The funding will enhance Kwiks’ recruitment platform, including developing advanced AI features that automate candidate screening and matching.

This will help companies hire more efficiently and effectively, saving time and resources.

“Our goal is to revolutionize the recruitment industry by leveraging technology to connect companies with the best talent,” said Karim Kaoukabi, co-founder of Kwiks.

“This funding will help us achieve that goal and position Kwiks as a leader in the HRtech space.”

The investment will fuel ABC’s growth plans, including expanding its client base, increasing agent coverage, and introducing new financial services.

ABC, established in 2017, is a licensed Payment Systems Operator focused on providing accessible financial services to underserved communities in Uganda.

Richard Jabel, ABC’s CEO, expressed his enthusiasm for the partnership, stating that the investment will enable the company to further enhance its services and improve access to basic financial services through mobile phones, agents, and merchants.

Goodwell’s investment comes at a time when Uganda’s financial technology landscape is experiencing rapid growth.

Other notable payment providers, such as Flutterwave, eTranzact, and NALA, have also secured licenses to operate in the country, indicating a growing demand for digital payment solutions.

The announcement was made following a meeting between Nigerian President Bola Tinubu and senior executives of the soft drink giant.

The investment pledge comes as a boost to Nigeria’s economy, which has faced challenges attracting foreign investment due to factors such as forex shortages and bureaucratic hurdles.

John Murphy, President and Chief Financial Officer of Coca-Cola, and Zoran Bogdanovic, CEO of Coca-Cola HBC, met with President Tinubu to discuss the company’s expansion plans.

Bogdanovic highlighted Coca-Cola’s previous investments in Nigeria, totaling $1.5 billion since 2013, which have focused on expanding production capacity, improving the supply chain, and investing in training and development.

The additional $1 billion investment will further strengthen Coca-Cola’s presence in Nigeria, a market with a population of over 200 million.

The investment round was led by Al Mada Ventures, with participation from CDG Invest, Saviu Ventures, UM6P Ventures, Kalys VC, Plug & Play, and prominent business angels Philippe Limes and Thane Kuhlman.

Founded in 2018, Userguest offers an automated platform that enables hotels to curate personalized messages and incentives for website visitors, ultimately increasing direct bookings.

The startup’s technology has already been adopted by hotels in over 30 countries, generating more than $100 million in direct revenue since 2019.

The newly acquired funding will fuel Userguest’s expansion plans, including the development of new features and products and the expansion of its sales team.

The company aims to strengthen its market position as a leading provider of direct revenue optimization solutions for the hospitality industry.

“This investment validates our vision of creating an automated tool that helps hotels maximize their revenue,” said Hicham Benyebdri, co-founder of Userguest.

“With this funding, we can accelerate our growth and continue delivering exceptional value to our customers.”

Yassine Soual, from Al Mada Ventures, expressed enthusiasm for the investment, highlighting Userguest’s innovative approach and commitment to customer satisfaction.

“We are confident that this funding will enable Userguest to become a dominant player in the hospitality tech space,” he said.

This significant investment will fuel the startup’s expansion and solidify its position in the regional education market.

Farid, founded in 2024 by Mahmoud Hussein, is a platform dedicated to providing innovative educational solutions for children and adolescents aged 3 to 18.

The company focuses on character education, mental health support, and personal skills development, utilizing modern methodologies to foster well-rounded individuals.

With this new funding, Farid plans to expand its educational platform, develop new training content, and hire additional staff.

The startup also aims to enter new markets, including Saudi Arabia and the United Arab Emirates, building upon strategic partnerships with Egyptian schools.

“This investment will enable us to accelerate our growth and reach a wider audience,” said Mahmoud Hussein, the founder and CEO of Farid.

“We will use the funds to enhance our platform, develop new training programs, and expand our operations in key markets.”