Sony Launches Sony Innovation Fund: Africa

~ Fostering ventures specializing in the entertainment business in Africa ~
TOKYO, Oct. 11, 2023 /PRNewswire/ — Sony Group Corporation (“Sony”) announced today that it has established “Sony Innovation Fund: Africa” as an initiative to support the growth of the entertainment businesses in Africa.

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 its “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.); the “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”. Sony Innovation Fund, Sony Innovation Fund: Environment, and Sony Innovation Fund: Africa are wholly funded by Sony.
The “Sony Innovation Fund: Africa” has been established to invest in seed to early-stage start-ups in the entertainment industry in Africa, including start-ups in the gaming, music, movie and content distribution sectors.  Sony is initially allocating US$10 million towards such investments.
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 the “Sony Innovation Fund: Africa,” Sony 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),  the largest global development institution focused on the private sector which is actively investing in emerging countries, including start-up 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.
Comment from Toshimoto Mitomo, Executive Deputy President and CSO, Sony Group CorporationSony Group has been fostering next-generation technologies and start-ups 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.
Comment from Makhtar Diop, Managing Director, IFCWe are excited about our collaboration with Sony, aimed at generating value for businesses in Africa’s creative industry. This partnership will harness IFC’s expertise in emerging markets and our extensive investments in the digital landscape. Sony’s exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector.

View original content:https://www.prnewswire.com/news-releases/sony-launches-sony-innovation-fund-africa-301954266.html
SOURCE Sony Group Corporation 

~ Fostering ventures specializing in the entertainment business in Africa

TOKYO, Oct. 11, 2023 /PRNewswire/ — Sony Group Corporation (“Sony”) announced today that it has established “Sony Innovation Fund: Africa” as an initiative to support the growth of the entertainment businesses in Africa.

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 its “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.); the “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”. Sony Innovation Fund, Sony Innovation Fund: Environment, and Sony Innovation Fund: Africa are wholly funded by Sony.

The “Sony Innovation Fund: Africa” has been established to invest in seed to early-stage start-ups in the entertainment industry in Africa, including start-ups in the gaming, music, movie and content distribution sectors.  Sony is initially allocating US$10 million towards such investments.

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 the “Sony Innovation Fund: Africa,” Sony 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),  the largest global development institution focused on the private sector which is actively investing in emerging countries, including start-up 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.

Comment from Toshimoto Mitomo, Executive Deputy President and CSO, Sony Group Corporation
Sony Group has been fostering next-generation technologies and start-ups 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.

Comment from Makhtar Diop, Managing Director, IFC
We are excited about our collaboration with Sony, aimed at generating value for businesses in Africa’s creative industry. This partnership will harness IFC’s expertise in emerging markets and our extensive investments in the digital landscape. Sony’s exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector.

View original content:https://www.prnewswire.com/news-releases/sony-launches-sony-innovation-fund-africa-301954266.html

SOURCE Sony Group Corporation

 

Spread The Word...

Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

LATEST POST

Galaxy A16 5G: Budget Phone with 6 Years of Android Updates by Samsung on Gadget Flow
Galaxy A16 5G: Budget Phone with 6 Years of Android Updates by Samsung on Gadget Flow
SOUNDBOKS 4 performance Bluetooth speaker adds more bass to your parties and get-togethers
SOUNDBOKS 4 performance Bluetooth speaker adds more bass to your parties and get-togethers
YY Group Holdings Limited Successfully Regains NASDAQ Compliance
YY Group Holdings Limited Successfully Regains NASDAQ Compliance
HeartCore’s CMS Platform Achieves Top Market Share in Japan for Nine Consecutive Years
HeartCore’s CMS Platform Achieves Top Market Share in Japan for Nine Consecutive Years
Edible Garden Regains Compliance with Nasdaq Continued Listing Requirements
Edible Garden Regains Compliance with Nasdaq Continued Listing Requirements
Heritage Distilling Company Partners with Stillaguamish Tribe to Debut Craft Spirits Destination at Angel of the Winds Casino Resort
Heritage Distilling Company Partners with Stillaguamish Tribe to Debut Craft Spirits Destination at Angel of the Winds Casino Resort

CONTRIBUTE

Please contribute and support me to keep this website alive. Any BIG or small amount contributed is very much appreciated.

Thank you!