Aries launches media-tech venture fund for Sub-Saharan Africa, backs first three startups
What's the deal? Aries Media Ventures has launched Fund I, its first venture fund, targeting media-technology startups serving Sub-Saharan Africa. The firm, formerly Aries Media Project, invests at the angel, pre-seed, and seed stages. The fund size was not disclosed.
Why now? Africa's creative and media sector remains one of the continent's most underfunded startup segments despite its scale. A 2026 analysis estimated it as a $59 billion market receiving less than 1% of regional venture capital. In 2022, when African startups raised over $6.5 billion, digital media ventures captured under 1% while fintech alone took nearly 40%.
What's the endgame? Aries targets tech-enabled businesses at the intersection of media, entertainment, and commerce. It excludes record labels, production companies, and film or TV content, backing instead startups with a scalable technology component. It sources deals by identifying founders chasing large market opportunities and by partnering with media companies on their international expansion challenges.
The fund has already deployed capital in three companies: Aktivate, a creator marketing platform; HustleSasa, an events commerce platform; and Book Mahali, a venue booking and hospitality platform.
Who's behind it? Founding general partner Alykhan Kaba spent more than a decade in media and entertainment at Live NationDealroom has a profile for this one. Try Dealroom →, Entertainment OneDealroom has a profile for this one. Try Dealroom →, Activision BlizzardDealroom has a profile for this one. Try Dealroom →, and NBCUniversalDealroom has a profile for this one. Try Dealroom →, where he is vice president of content strategy for unscripted content. A Canadian of Indian heritage whose parents grew up in Tanzania, Kaba said that background shaped his thesis. Aries began in 2023 as a professional network linking media startups in emerging markets with investors in Los Angeles, New York, and London, before shifting to direct investment.
Portfolio snapshot: Aktivate, founded by Akinbola Asalu, has onboarded more than 50,000 verified creators across Nigeria, Kenya, Ghana, and South Africa and served over 800 businesses. Earlier reporting described it as bootstrapped with $5,000 in monthly recurring revenue, charging brands $250 and agencies $500 per month, plus a 1% commission on milestone payments.
Kaba framed the market gap in structural terms. "The investors who understand media don't understand these markets, and the investors who understand these markets don't invest in media," he said. On the fund's rationale, he added: "Capital bears the burden of going where the innovation is, not vice versa."
The signal: African startup funding was broadly flat in H1 2026 at about $1.4 billion, spread across fewer deals — a sign of more selective investment. Media and entertainment remains a sliver, with one tracker putting disclosed sector funding at about $93 million. A sector-specific fund is a notable source of targeted capital, though without a disclosed size or deployment plans, its impact on the financing gap is hard to judge.
Read more: launchbaseafrica.com
Image credit: Generated with Gemini
