A new Media Technology Investment Fund for Afrika has been announced by A24Media. The newly announced $1 million Media Technology Investment Fund will be used to fund technology developers in Afrika who are focused on revenue generating content distribution platforms.
A24Media is one of Afrika's leading content creation and aggregation companies. The Afrikan digital media technology company reports that it has 15,000 hours of an exclusive content portfolio with the figure poised to rise to at least 16,000 hours by December 2018.
"We are excited to support the disruptive developers in the media technology industry because we realize that no single company can provide the breadth and scope of innovation that's required to develop revenue-generating platforms and take this industry to the next level," said Asif Sheikh, Founder at A24Media.
As part of finding worthwhile media projects to fund, A24Media has said that it will be running a unique idea developer contest, to find the most creative, powerful and useful ideas on media, advertising, and education, that integrate content into their business model.
The announcement of the launch of a Media Technology Investment Fund for Afrika by A24Media comes after last year saw the announcement of another Afrika focused media fund. The SA Media Innovation Program is an initiative announced in 2017 by the Media Development Innovation Fund. It's a $4 million, 3-year media initiative to accelerate digital media innovation among independent media outlets and encourage new entrants.
A24Media has also added that it will first be looking to find venture capital investment partners that will co-manage the new $1 million Media Technology Investment Fund for Afrika and provide strategic advice on business models and market strategies. This will be a welcome initiative as media investment, and especially digital media investment, is lacking on the continent and therefore hampering the quality and availability of good content.