Wrapbook Raises $27M to Revolutionize Entertainment Payroll

Wrapbook Secures $27 Million in Series A Funding

Wrapbook, a company focused on streamlining payroll for television, film, and commercial productions, has successfully completed a $27 million Series A funding round.

This investment included participation from prominent figures and firms within the technology and entertainment sectors.

Investment Details

Andreessen Horowitz spearheaded the funding round. Additional investors included Equal Ventures and Uncork Capital.

Notably, WndrCo, the investment firm guided by Jeffrey Katzenberg – a founder of both DreamWorks and Quibi – also contributed.

CAA co-founder Michael Ovitz was another participant in this financing round.

Industry Need for Modernization

Jeffrey Katzenberg emphasized the necessity of modernizing financial services within the production industry. He stated that a technological solution is crucial.

This solution must address the increasing complexities of onboarding, compensating, and insuring cast and crew, issues that have been intensified by the COVID-19 pandemic.

Katzenberg believes Wrapbook effectively delivers on this need.

How Wrapbook Simplifies Payroll

Ali Javid, co-founder and CEO of Wrapbook, explained that entertainment payroll has historically been a largely manual and paper-intensive process.

Tracking payments can be especially challenging given that cast and crew often work on numerous projects – sometimes up to 30 annually.

Wrapbook addresses this by digitizing the entire process.

The platform electronically collects required forms and signatures, manages payroll, provides a payment tracking dashboard, and facilitates insurance acquisition.

Increased Demand During the Pandemic

Although founded in 2018, Wrapbook experienced a significant surge in demand as production resumed following pandemic-related shutdowns.

COVID-19 fundamentally altered industry practices, prompting production companies to seek more efficient and remote solutions.

Javid noted that companies were actively looking for “an easier, faster way to do this from my house.”

A Specialized Fintech Solution

Javid characterized Wrapbook as a “vertical fintech solution” experiencing rapid growth within a well-understood industry.

He highlighted the limited attention this specific sector has received from other companies.

The company’s revenue reportedly grew by a factor of seven in 2020.

Focus on User Experience

Wrapbook’s customers are primarily production companies, but the team also prioritizes a positive experience for the individuals receiving payments.

Currently, 12% of those paid through the platform are utilizing their Wrapbook profiles for multiple productions.

Future Plans and Market Opportunity

Wrapbook had previously secured $3.6 million in seed funding.

Looking forward, Javid and Cameron Woodward, co-founder and CMO, envision potential applications of their solution in other project-based industries.

However, their immediate focus remains on expanding within the entertainment sector, which they estimate represents a $200 billion annual payment volume.

“We’re going to double down on what’s working,” Javid stated, emphasizing a commitment to customer-driven development.

The company plans to hire 100 additional employees within the next year.