Total amount raised
$150.6 Millions
Latest funding date
9/1/2024
Location
Wrapbook has successfully raised $20 million from Bessemer Venture Partners to accelerate its innovation in digital production payroll and cost-tracking solutions.
Keep reading to explore the intricacies of Wrapbook's fundraising journey and the investors backing this innovative platform.
What Is Wrapbook?
Wrapbook, founded in January 2018, is a digital production payroll and cost-tracking platform based in New York, New York. The company was established by Ali Javid, Cameron Woodward, and Naysawn Naji.
Wrapbook offers tools for automated timecards, compliance tracking, and real-time expense monitoring, connecting accounting, production, cast, and crew in a single interface. The platform simplifies payroll processes, enabling companies to pay workers with a click and generate payroll reports on demand.
With a team of 101-250 employees, Wrapbook continues to innovate in the production finance sector, providing smart onboarding, built-in union compliance, and comprehensive production accounting services.
How Much Funding Has Wrapbook Raised?
- Seed Round
- Amount Raised: $3.6M
- Date: August 2020
- Lead Investors: Equal Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop and launch the platform.
- Series A
- Amount Raised: $27M
- Date: March 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series B
- Amount Raised: $100M
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: $1 billion
- Motivation Behind the Round: Significant expansion and scaling of operations.
- Venture Round
- Amount Raised: $20M
- Date: September 2024
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: $750 million
- Motivation Behind the Round: To expand staff and market share in Hollywood.
Total amount raised: $150.6M. Current valuation: $750 million.
Key Investors
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a global venture capital firm that has been investing in technology companies for over a century. They manage over $18 billion in assets and have backed more than 145 IPOs.
- Investment Focus Areas: Enterprise, consumer, healthcare.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a Silicon Valley-based venture capital firm known for its investments in technology companies. They have a portfolio that includes some of the most disruptive companies in the tech industry.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Facebook, Airbnb, Slack.
- Equal Ventures
- Details: Equal Ventures is an early-stage venture capital firm that focuses on investing in transformative companies. They aim to support startups that have the potential to reshape industries.
- Investment Focus Areas: Early-stage technology, transformative companies.
- Notable Investments: Information not publicly disclosed.
- Uncork Capital
- Details: Uncork Capital is a seed-stage venture capital firm that has been investing in early-stage technology startups since 2004. They have a strong track record of backing successful companies.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Fitbit, SendGrid.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the global internet, software, consumer, and financial technology sectors. They have a reputation for backing high-growth companies.
- Investment Focus Areas: Technology-driven companies, high growth potential.
- Notable Investments: Spotify, Stripe, ByteDance.
What's Next for Wrapbook?
With a fresh $20 million investment from Bessemer Venture Partners, Wrapbook is poised to expand its market share in Hollywood's payroll and financial services space. The company plans to grow its workforce from 280 to around 400 employees, enhancing its service delivery and signing up more studios and agencies.
Future fundraising opportunities seem promising as Wrapbook continues to attract venture capital investments. The company’s significant growth, including a 50% year-over-year revenue increase, positions it well for additional funding rounds. However, challenges such as competition from established firms like Cast & Crew and maintaining efficiency without private equity backing could pose hurdles.
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