Wrapbook, a leading employer-of-record service revolutionizing entertainment payroll and production accounting, has announced a significant $20 million investment from Bessemer Venture Partners. This investment values Wrapbook at $750 million and includes a secondary tender offer, allowing eligible employees to sell a portion of their equity, acknowledging their contributions to the industry.
Key Benefits of Wrapbook
Wrapbook is designed to enhance the efficiency and effectiveness of film finance and production accounting teams through the following capabilities:
- Accelerated Speed and Efficiency: Enables production finance teams to operate in real-time with reliable financial data.
- Elevated Collaboration: Integrates all teams into one system to collaboratively ensure productions are completed on budget and in compliance.
- Improved Decision-Making: Provides insights across projects, entities, divisions, and crews through NextGen reporting and dashboards.
In an industry facing budget constraints and complex financial management, Wrapbook serves as a vital solution that enables teams to enhance productivity and accuracy. Ali Javid, CEO of Wrapbook, stated, “Wrapbook acts as a force multiplier for finance executives, production accountants, and producers. Our platform and elevated services model allow these crucial team members to manage complex processes efficiently and contribute more strategically to the productions’ success.”
Investor Insights
Mary D’Onofrio, Partner at Bessemer Venture Partners, remarked, “Wrapbook’s technology fundamentally enhances the capacity and impact of production finance teams. We’ve been pursuing this investment for years, recognizing its potential to reshape entertainment finance.”
Cameron Woodward, Co-Founder of Wrapbook, emphasized the company’s vision, stating, “We are imagining a new, better way to manage production finance with the support of our customers and the industry.”
Notable Achievements
Wrapbook acknowledges the support of its expanding network:
- Over 1,000 companies utilizing Wrapbook.
- 4 studios have adopted Wrapbook for their productions in the past year.
- More than 175,000 workers have created digital profiles for payment processing.
- Over 40 talent agencies, including CAA and WME, have embraced profiles for their talent.
- Achieved a remarkable 50% year-over-year revenue growth.
This press release is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Wrapbook securities. The tender offer referenced is made solely pursuant to previously distributed documents outlining the complete terms and conditions. Forward-looking statements are based on current intent and beliefs but are not guaranteed to occur.
