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US venture capitalists set sights on animation, film
Actors and members of the group MKMC with the cohesion chief Mzalendo Kibunjia. Venture capitalists are eyeing Kenyan scene. Photo/File
Posted Wednesday, June 27 2012 at 20:00
Venture capitalists from the US and the Netherlands have set their eyes on local animators, film makers and media firms and will be in the country between July 10 and 11 in search of potential viable business ideas they can invest in.
The two foreign firms, Acumen Fund and Africa Media Ventures Fund are among six companies that include four Kenyan groups that will be meeting with local film-makers and broadcasters during this year’s 4th Annual Broadcast, Film and Music Africa (BFMA) conference to be held in Nairobi.
The Kenyan venture firms are Investeq Capital Limited, 88mph, Speed Capital and InReturn Capital.
The firms are said to be willing to invest between Sh1.5 million (15,000 euros) and Sh10.5 million (100,000 euros) for concepts that are viable and have potential high return on investments.
Local film-makers and broadcasters as well as other creative content firms will interact with venture capitalists and pitch ideas to attract funding.
“We can confirm that the US-headquartered Acumen Fund and the Netherlands based Africa Media Ventures Fund will be at the 4th BFMA for the Electronic Media Business Exchange,” said Chiaka Orjiako of Filmbiz Africa, which is collaborating with AITEC Africa to host the exchange.
“The venture firms will be looking for concepts that are potentially high return on investment and are viable.” Film-makers, music production houses, unique TV and radio initiatives, animators, advertising agencies, broadcasters and pollsters form key target groups for the venture capitalists.
“It is the best gift the BFMA conference series could give nascent high-potential firms in the continent,” said Michael Onyango, of the Africa Creative Hub.
About 13 leading venture capitalists have been invited and six have confirmed participation.
BFMA that will be visiting Nairobi for the fourth time, is the largest gathering of film, music, and broadcasting media professionals on the continent.
The conference discusses contemporary and future broadcasting models for pay and Free to Air (FTA) TV, radio, trends in creative content, and digital content development.
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