Wrapbook, a first-of-its-kind digital financial services platform that helps the entertainment industry with technology, just announced that it had raised $100 million in a Series B investment round led by Tiger Global Management.
This funding round will include new and old investors, such as Andreessen Horowitz, A, Jeffrey Katzenberg’s WndrCo, Uncork Capital, and Equal Ventures as per wrapbook 100m tiger global 147m marchtanbloomberg.
The Financial Services Offered by Wrapbook
Wrapbook was one of the first companies to offer financial services for a vertical market. The wrapbook primary goal is to help people working on projects in the entertainment industry.
Its platform is built on cutting-edge technology that gives production companies of all sizes easy-to-use employer software and lets employees keep portable profiles. With Wrapbook, it’s easier for businesses to hire cast and crew members and get them insurance, and it’s easier for workers to get paid and keep track of it.
Wrapbook is used for more than 1,000 projects across the country monthly. The company has seen a significant rise in employees using the same profile with more than two companies. In 2020, 12% of employees did this, which is expected to double to 23% in 2021.
The Executive Statement
One of the wrapbook company executives said We are grateful for the trust shown by our returning investors and Tiger Global Management.
Ali Javid, co-founder, and CEO of Wrapbook said It shows how much we’ve grown and how well both producers and cast and crew like our product. With the new money, Wrapbook will keep building up its platform and team to meet the needs of major studios, networks, and production companies in TV, film, commercials, and live events said Cameron Woodward, co-founder, and chief marketing officer of Wrapbook. Live events are things that happen right now, not things that happened in the past.
John Curtius, a partner at Tiger Global Management, said that Wrapbook is in an excellent position to meet the needs of the entertainment industry after Covid. He said that the entertainment industry wants an all-in-one software and financial services platform to bring them into the 21st century.
Wrapbook 100m Series Funding
At the beginning of this year, Andreessen Horowitz led a Series A funding round for Wrapbook, bringing in a total of $27 million.
Since then, the company has gone from having 20 employees to having 90. It has added industry veterans from Amazon, Yelp, Cast & Crew, Microsoft, Intel, Facebook, Shopify, Github, and General Electric, among others. With this next round of funding, which will happen in 2022, Wrapbook will be able to grow its financial services and technology and continue to train its staff.
Ali Javid, who helped start the company and is now its CEO, and Cameron Woodward is a co-founder and the company’s chief marketing officer. Hesham El-Nahhas is a co-founder and the company’s chief people officer, and Naysawn Naji is a co-founder and chief innovation officer.
Wrapbook is a big deal for the project economy because it changes how digital financial services are used. The entertainment industry is the first place the unique technology platform will be used. It gives production companies of all sizes easy-to-use employer software and lets employees take their profiles with them.
It makes it easier for businesses to hire cast and crew members and to insure them. It also makes it easier for workers to get their paychecks and keep track of them.
Wrapbook is run by a team of experts with a lot of experience in different fields, such as film and production, payments, and the insurance business.
Wrapbook is a company that wants its employees to work from home as much as possible, but it also has offices in New York City, Toronto, and Los Angeles.