Hollywood Payroll Startup Wrapbook Raises $20M to Compete With Entrenched Rivals
Wrapbook, the startup payroll and accounting services firm targeted at film and TV productions, is aiming to bulk up its market share in Hollywood and has secured a new round of cash to do so.
The company’s co-founders, Ali Javid and Cameron Woodward, tell The Hollywood Reporter they’ve raised $20 million from venture capital firm Bessemer Venture Partners and are announcing a secondary tender offer for its staffers to sell a portion of their equity in the firm.
Wrapbook now values itself at $750 million, down from the $1 billion valuation that had been announced as part of its $100 million Series B round in November 2021, in the pre-ai hype market climate for tech-centric companies.
The company’s app allows production staff to on-board, pay and track payments for projects in an experience that its founders describe as a more modern alternative to some rivals that may offer more services (including residual...
The company’s co-founders, Ali Javid and Cameron Woodward, tell The Hollywood Reporter they’ve raised $20 million from venture capital firm Bessemer Venture Partners and are announcing a secondary tender offer for its staffers to sell a portion of their equity in the firm.
Wrapbook now values itself at $750 million, down from the $1 billion valuation that had been announced as part of its $100 million Series B round in November 2021, in the pre-ai hype market climate for tech-centric companies.
The company’s app allows production staff to on-board, pay and track payments for projects in an experience that its founders describe as a more modern alternative to some rivals that may offer more services (including residual...
- 9/24/2024
- by Erik Hayden
- The Hollywood Reporter - Movie News
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