Sony announced a new fund to invest in African entertainment enterprises, covering games, music, movies and other areas

CTOnews.com, October 12 (Xinhua)-- Sony announced the establishment of Sony Innovation Fund: Africa (Sony Innovation Fund: Africa) on October 11 to support the development of entertainment enterprises in Africa.

According to a statement from Tuyuan Sony, the new fund will invest in seed-to-early start-ups in the African entertainment industry, including those in games, music, movies and content distribution. Sony will initially allocate $10 million for such investments (CTOnews.com Note: currently about 73 million yuan).

Since its inception, the Sony Innovation Fund has supported the growth of its portfolio companies by providing opportunities for collaboration, including the provision of Sony-owned technology, joint development and business alliances. Through the Sony Innovation Fund: Africa, Sony will continue to make value-added investments and consider expanding the activity in the light of its progress.

In addition, Sony has signed a cooperation agreement with the International Finance Corporation (IFC), which actively invests in emerging countries, including African start-ups. In addition to financial investment, this cooperation will also make use of the advantages of both sides to support the development of the entertainment industry in Africa.