Wrapbook Secures $20 Million in Funding, Valued at $750 Million: Transforming Production Finance with Innovative Solutions
Wrapbook, a leader in production finance and accounting for the entertainment industry, has secured a $20 million investment from Bessemer Venture Partners, bringing its valuation to $750 million. This investment goes beyond financial growth; it underscores Wrapbook’s commitment to revolutionizing production finance with cutting-edge technology and seamless collaboration. The platform empowers finance teams with real-time insights, enabling efficient decision-making and ensuring productions are wrapped on time and within budget. With more than 1,000 companies and over 175,000 workers already using Wrapbook, the company is poised to transform the entertainment industry’s financial management landscape.
New York, NY – September 2024 – Wrapbook, a leader in modern production finance and accounting technology for the entertainment industry, has announced the successful closure of a $20 million funding round led by Bessemer Venture Partners. This latest investment brings Wrapbook’s valuation to an impressive $750 million, reinforcing its position as a key player in transforming financial management for production teams across film, television, and other entertainment sectors.
Since its founding, Wrapbook has focused on more than just payroll services—it has aimed to be a comprehensive solution that modernizes and streamlines financial processes for entertainment productions. By providing production finance teams with real-time insights, seamless collaboration, and cutting-edge tools, the platform enables faster, more efficient decision-making and significantly reduces operational complexities.
Investment and Growth History This $20 million injection is not Wrapbook’s first time securing major funding. The company has a track record of financial backing from notable venture capital firms, including A-list investors like Andreessen Horowitz and Equal Ventures, who participated in previous funding rounds. Together with Bessemer Venture Partners, the company’s total investment to date has exceeded $50 million.
This most recent Series B investment marks a significant step forward in Wrapbook’s growth journey. In earlier funding rounds, Wrapbook secured $3.6 million in seed funding in 2020, followed by a $27 million Series A in 2021. The consistent support from top-tier investors reflects the market’s confidence in Wrapbook’s vision to modernize an industry often bogged down by outdated, manual financial systems.
Key Investors and Partners The lead investor, Bessemer Venture Partners, is renowned for backing industry-defining companies, with an eye for transformative business models. Wrapbook’s collaboration with Bessemer further emphasizes its commitment to revolutionizing the entertainment industry’s approach to financial management. Other high-profile partners include Andreessen Horowitz, which played a pivotal role in Wrapbook’s early-stage funding, positioning the company for rapid scaling.
Modernizing Production Finance With Wrapbook’s growing customer base—now serving over 1,000 companies and 175,000+ workers—the platform has established itself as the go-to solution for production finance teams. Its adoption by top talent agencies, including industry giants like CAA and WME, underscores its broad appeal and effectiveness. Wrapbook’s solutions enable production teams to manage payroll, financial reporting, and compliance with ease, while integrating real-time data across multiple projects and divisions.
Empowering the Workforce In addition to its technological innovations, Wrapbook’s latest funding round includes a unique secondary tender offer for its employees, allowing them to sell a portion of their equity. This reflects the company’s commitment to valuing its workforce as much as its product, further empowering employees to share in the company’s success.
Looking Ahead With this new capital, Wrapbook plans to further enhance its platform with new features designed to improve decision-making, collaboration, and financial accuracy. The company aims to scale its services to meet the growing demands of the entertainment industry, continually focusing on enhancing user experience and streamlining production finance workflows.
As the entertainment industry evolves, Wrapbook is well-positioned to continue leading the charge in reimagining financial processes for production teams worldwide.
