Wrapbook Hits Billion Dollar Valuation With Series B Round
SAN FRANCISCO & TORONTO & NEW YORK–(BUSINESS WIRE)–Nov 10, 2021–
Breakthrough digital financial services platform, Wrapbook, which provides technology solutions for the entertainment industry, today announced its $100 million Series B investment round led by Tiger Global Management, with new and existing investors, Andreessen Horowitz, A*, Jeffrey Katzenberg’s WndrCo, Uncork Capital, and Equal Ventures.
An early mover in embedding financial services for a vertical market, Wrapbook is focused on servicing the project-based work category in the entertainment sector. Its innovative technology platform offers production companies of every size easy-to-use employer software, and workers a portable profile. Wrapbook makes it easier for companies to onboard and insure cast and crew, and for employees to receive and track their payments.
Wrapbook is currently supporting over 1,000 projects per month nationwide and has seen the number of workers reusing their profile across more than two employers doubling to 23% in 2021, up from 12% in 2020.
“We are gratified by the confidence demonstrated by our returning investors and the addition of Tiger Global Management and A*. It is a reflection of our massive growth and product adoption by producers and cast and crew alike,” said Ali Javid, Wrapbook co-founder and CEO. “With the new funds, Wrapbook will continue building out the platform and team to support the needs of major studios, networks and production companies across television, film, commercials and live events,” added Cameron Woodward, Wrapbook co-founder and CMO.
“Wrapbook is well positioned to meet the post-Covid demands of an entertainment industry eager for an all-in-one software and financial services platform that will catapult them into the 21st century,” said John Curtius, Partner at Tiger Global Management. “Their robust revenue and profile growth demonstrates that Wrapbook is tracking to be the default platform for entertainment finance.”
Wrapbook raised a $27M Series A earlier this year, led by Andreessen Horowitz, and has since grown the team from 20 to 90 employees, with the addition of industry veterans from entertainment and technology powerhouses including Amazon, Yelp, Cast & Crew, Microsoft, Intel, Facebook, Shopify, Github, and GE. This new round of financing will enable Wrapbook to expand its financial service and technology offerings and continue to grow the team in 2022.
Company founders include Ali Javid, Co-Founder & Chief Executive Officer; Cameron Woodward, Co-Founder & Chief Marketing Officer; Hesham El-Nahhas, Co-Founder & Chief People Officer and Naysawn Naji, Co-Founder & Chief Innovation Officer.
Wrapbook delivers a breakthrough digital financial services solution for the project economy. Focusing initially on the entertainment industry, its innovative technology platform offers production companies of every size easy-to-use employer software and workers a portable profile. It makes it easier for companies to on-board and insure cast and crew and for employees to receive and track their payments. Wrapbook is led by a veteran founding team whose deep experience encompasses film and production, payments, and the insurance industry. Wrapbook is a remote-first company with offices in Los Angeles, New York City, and Toronto.
About Tiger Global Management
Tiger Global Management is a leading global technology investment firm with over $90 billion under management. The firm focuses on private and public companies in the software, internet, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global’s investments have included JD.com, Toast, Databricks, UiPath, Snowflake, Stripe, Bytedance, SentinelOne, Procore, Facebook, Alibaba, Chime, Peloton, Attentive, LinkedIn, and Flipkart.
About Andreessen Horowitz
Andreessen Horowitz (a16z) is a Silicon Valley-based venture capital firm that backs bold entrepreneurs building the future through technology. The firm is stage agnostic, investing in seed to late-stage technology companies, across the consumer, enterprise, bio/healthcare, crypto, and fintech spaces. a16z has over $19 billion in assets under management across multiple funds. See portfolio companies here: https://a16z.com/portfolio/.
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Copyright Business Wire 2021.
PUB: 11/10/2021 09:10 AM/DISC: 11/10/2021 09:11 AM
Copyright Business Wire 2021.