Story Lab backs LaVida Studios with $50m
Lagos-based production company LaVida Studios has received US$50m investment from Dentsu-owned US prodco The Story Lab.
The three-year partnership will see the production of a 10-project slate including scripted and unscripted film and TV projects that focus on bringing African stories to the global stage.
The funding is being accessed from PAC Capital’s PanAfrican CCI Fund 1, a US$100m fund dedicated to financing film production and distribution in Africa.
The partnership was initiated by Geneva Wasserman, executive VP and head of scripted content at The Story Lab and will see all Africa-based production serviced exclusively by LaVida Studios.
In addition, LaVida and Dentsu will collaborate with the African International Film Festival (AFRIFF) to create a joint initiative aimed at recruiting and supporting top African writing talent in creating original stories that appeal to a global audience.
Chioma Ude, founder of AFRIFF and managing partner in LaVida Studios, said: “We are thrilled to be working together with Dentsu and The Story Lab team in the US to bring authentic and compelling African stories to the world.”
“The combination of LaVida’s partnerships with top Nigerian creators and Dentsu’s global network and presence will serve as a bridge between these top content creators and the global market through this collaboration. We are honoured to bring these stories to the world,” added Wasserman.
Mike Ferry, head of The Story Lab US, said: “It is partnerships like this one which really help move the dial when it comes to discovering and elevating emerging talent. I’m so pleased we can be part of amplifying the diverse voices of Africa alongside our friends at LaVida and AFRIFF.”
LaVida Studios and Ude are represented by Creative Artists Agency and The Story Lab US is represented by United Talent Agency.