Investment Secured by Filmmaker Mart from IFC and Sony to Propel Creative Development in Africa
Digital Platform Filmmakers Mart Secures Investment from IFC and Sony Innovation Fund Africa
Filmmakers Mart (FMM), a digital platform based in Nigeria, has secured a significant investment from the International Finance Corporation (IFC) and the Sony Innovation Fund Africa. This joint investment marks IFC's first-ever entry into Africa's audiovisual sector and is the first co-investment by these two organizations in this space.
Currently operational in Nigeria, Ghana, Kenya, Morocco, and South Africa, FMM will use the funding to expand into new African markets, launch post-production tools, and train more creators to strengthen the creative economy. The platform leverages AI to automate workflows and improve access to reliable service providers, aiming to become the "operating system" for creative industries in emerging markets.
Sony's involvement brings global expertise in content distribution and access to international networks, reinforcing investor confidence in African storytelling and the supporting infrastructure needed for growth. This strategic backing aligns with Sony Innovation Fund Africa's approach of investing in foundational infrastructure ("picks and shovels") rather than direct content creation, aiming to empower creators and industry platforms on the continent.
The partnership signals growing investor confidence in Africa's creative economy and infrastructure. The investment from Sony underscores the international community's interest in Africa's creative industries, and the investment in FMM underscores investor confidence in the infrastructure required to support the growth of Africa's creative industries.
FMM's CEO, Eric Kafui Okyerefo, expressed his enthusiasm for the partnership, stating, "We are thrilled to have IFC and Sony Innovation Fund Africa on board. Their investment will help us scale our operations, launch new initiatives, and train more creators, ultimately contributing to the growth of the creative economy in Africa."
With this investment, FMM gains access to Sony's extensive networks and knowledge in content distribution, positioning the platform for success in the competitive global market. The association between FMM and Sony is a testament to the potential of Africa's creative industries and the backing from Sony highlights growing investor confidence in Africa's storytelling talent.
In conclusion, the investment in FMM is a significant step forward for Africa's creative industries, signifying a vote of confidence in their potential for growth. The partnership between FMM, IFC, and Sony Innovation Fund Africa aims to empower creators and industry platforms on the continent, contributing to the development of Africa's audiovisual sector through technology-driven platforms.
[1] Filmmakers Mart. (n.d.). About Us. Retrieved from https://filmmakersmart.com/about-us/
[2] International Finance Corporation. (n.d.). IFC Invests in Filmmakers Mart. Retrieved from https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/ifc_newsroom/ifc_in_the_news/press_releases/ifc-invests-in-filmmakers-mart
[3] Sony Innovation Fund Africa. (n.d.). Sony Innovation Fund Africa Invests in Filmmakers Mart. Retrieved from https://www.sonyinnovationfund.co.ke/2021/03/sony-innovation-fund-africa-invests-in-filmmakers-mart/
[4] Sony Innovation Fund Africa. (n.d.). About Us. Retrieved from https://www.sonyinnovationfund.co.ke/about-us/
[5] Sony Innovation Fund Africa. (n.d.). Our Approach. Retrieved from https://www.sonyinnovationfund.co.ke/our-approach/
- The partnership between Filmmakers Mart, IFC, and Sony Innovation Fund Africa demonstrates the intersection of finance, business, and technology, as the three entities aim to empower creators and industry platforms in Africa's audiovisual sector via technology-driven platforms.
- With Sony's involvement, Filmmakers Mart gains access to global expertise in content distribution and technology, further strengthening its position in the competitive global market and showcasing the potential of Africa's creative industries to capture international investment.
