Primary funding accelerates investment into Wrapbook’s NextGen payroll and production accounting solution for the industry’s evolving needs.
BURBANK, Calif., Sept. 24, 2024 /PRNewswire/ — Wrapbook, the employer-of-record service modernizing entertainment payroll and production accounting, today announced a $20 million investment from Bessemer Venture Partners, valuing the company at $750 million. Additionally, the parties have launched a secondary tender offer, allowing eligible* Wrapbook employees to sell a portion of their equity. With this transaction Wrapbook is proud to recognize its employees’ contributions to the industry.
Wrapbook accelerates film finance and production accounting teams processes though:
Accelerated Speed and Efficiency: Enable production finance teams to operate in real-time with numbers they can trust.Elevate Collaboration: Bring all teams together in one system to work towards a common goal of wrapping a production on budget compliantly.Make Better Decisions Faster: Understand insights across all projects, entities, divisions, and crews through NextGen reporting and dashboards.
In an industry grappling with tightening budgets, production pauses, and complex financial management, Wrapbook has emerged as a critical solution for teams to get more work done faster, and with greater fidelity. “Wrapbook acts as a force multiplier for finance executives, production accountants and producers,” said Ali Javid, CEO of Wrapbook. “Our platform and elevated services model allow these crucial team members to manage complex processes efficiently and contribute more strategically to the productions’ success.”
Mary D’Onofrio, Partner at Bessemer Venture Partners, added, “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.”
“We are imaging a new, better way to manage production finance with the support of our customers and the industry,” said Cameron Woodward, Co-Founder of Wrapbook.
Wrapbook is grateful to those who are propelling forward Wrapbook as a new standard for the industry:
– 1,000+ companies who use Wrapbook
– 4 studios have signed up for Wrapbook to be used with their productions in the last year
– 175,000+ workers who have created a digital profile to be paid through
– 40+ talent agencies including CAA & WME who have adopted profiles for their talent
– 50% YoY Revenue Growth
For more information, visit wrapbook.com.
This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell with respect to any securities of Wrapbook. The tender offer referenced in this press release is being made solely pursuant to the offer to purchase and related documents that have been previously distributed to eligible Wrapbook employees, which set forth the complete terms and conditions of such tender offer and also describe certain risks and considerations related to such tender offer. This press release does not amend, extend or modify such tender offer. Subject to applicable law, Bessemer Venture Partners may amend, extend or terminate such tender offer in its sole discretion.
This press release includes forward-looking statements and such statements are based on present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. All forward-looking statements are made as of the date of this press release, and neither Wrapbook nor Bessemer Venture Partners assumes any obligation to update this information.
About Wrapbook
Wrapbook is the force multiplier for production finance teams in the entertainment industry, specializing in payroll and production accounting. By uniting advanced technology with a groundbreaking service model across all segments, Wrapbook amplifies the capabilities of film finance professionals. The platform empowers production accountants, payroll specialists, and finance executives to work more efficiently, strategically, and compliantly. From studio projects to independent productions, Wrapbook’s innovative solution is trusted by thousands of companies to manage payroll, track expenses, and streamline accounting workflows in real-time. By enhancing the impact of finance professionals, Wrapbook enables the entire production ecosystem to focus on bringing creative visions to life, with less friction and more data intelligence.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has more than $18 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).
*The tender offer is subject to the terms and conditions of the offer to purchase and related documents that have been previously distributed to eligible Wrapbook employees.
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SOURCE Wrapbook
