Wrapbook, a startup that simplifies the payroll process for TV, film and industrial productions, has actually raised $27 million in Series A funding from notable names from both the tech and entertainment worlds.
The round was led by Andreessen Horowitz, with involvement from Equal Ventures and Uncork Capital, along with from WndrCo (the financial investment and holding company led by DreamWorks and Quibi founder/co-founder Jeffrey Katzenberg) and from CAA co-founder Michael Ovitz.
“It’s time we bring production financial services into the 21st century,” Katzenberg said in a statement. “We require an innovation option that will address the increasing complexities of production onboarding, pay and guaranteeing cast and crew, only intensified by COVID-19, and I think that Wrapbook delivers.”
Wrapbook co-founder and CEO Ali Javid described that entertainment payroll has remained a mainly old-fashioned, paper-based procedure, which be especially difficult to track as cast and crew relocation from project to job, approximately 30 times in single year. Wrapbook simplifies the process and digitizes– electronically gathering all the signatures and types needed at the start of production, handling payroll itself, developing a control panel to track payments and also making it simple to get the needed insurance coverage.
Wrapbook creators Cameron Woodward, Ali Javid, Hesham El-Nahhas and Naysawn Naji Although the startup was established in 2018, Javid told me that need has actually increased dramatically as production resumed during the pandemic, with COVID-19″completely” altering the market’s culture and triggering production companies to state,”
Hey, if there’s a much easier, quicker method to do this from my home, then yeah let’s look at it. ” Javid also described the Wrapbook platform as a” a vertical fintech solution that’s growing really quick in a market that we comprehend actually well and not many others have thought of.” In fact, he said the business’s earnings grew 7x in 2020.
And while Wrapbook’s direct clients are the production business, co-founder and CMO Cameron Woodward (who previously worked in filmmaking insurance and commercial production) said that the team has actually likewise concentrated on creating a great experience for the cast and team who earn money through the platform– a growing variety of them (12% so far) have used their Wrapbook profiles to get paid on multiple productions.
Image Credits: Wrapbook The start-up formerly raised$3.6 million in seed funding. Looking ahead, Javid and Woodward stated that Wrapbook’s solution could eventually be adopted in other project-based markets. However for now, they see lots of chance to continue growing within entertainment alone– they approximated that the market presently sees $200 billion in annual payments.
“We’re going to double down on what’s working and construct things out based upon what clients have actually requested within entertainment,” Javid stated. “To that end, we’re working towards hiring 100 individuals in the next 12 months.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.