Wrapbook, a digital financial services solution for the project economy, has secured $27 million in a Series A financing. The investors were Andreessen Horowitz, Equal Ventures, Uncork Capital, Jeffrey Katzenberg’s WndrCo and Michael Ovitz. Wrapbook has offices in Los Angeles, New York City and Toronto.
SAN FRANCISCO & TORONTO & NEW YORK–(BUSINESS WIRE)–Wrapbook, a breakthrough digital financial services solution for the project economy, initially focused on the entertainment industry, today announced a $27 million Series A Round led by technology and entertainment industry investors Andreessen Horowitz, Equal Ventures, Uncork Capital, Jeffrey Katzenberg’s WndrCo and Michael Ovitz.
The company’s innovative technology platform offers production companies of every size easy-to-use employer software and workers a portable profile to make it easier to on-board, pay and insure cast and crew as well as for employees to track their payments.
“We are replacing what has essentially been a paper driven process with a completely digital system in order to increase prosperity for both employees and employers. Our goal is to replace the pain points of the current cobbled together approach with an easy-to-use platform that meets everyone’s needs,” said Cameron Woodward, co-founder, CMO Wrapbook.
Added Ali Javid, cofounder, CEO Wrapbook, “With this great group of tech and entertainment leaders, we will transform the industry with easy-to-use software built for production.”
“It’s time we bring production financial services into the 21st century,” said Jeffrey Katzenberg, managing partner WndrCo. “We need a technology solution that will address the increasing complexities of production onboarding, pay and insuring cast and crew, only exacerbated by COVID-19, and I believe that Wrapbook delivers.”
“Wrapbook clearly understands the needs of the project-based economy and takes a fresh approach to the complex problem of getting project-based workers paid efficiently,” said Kristina Shen, General Partner at Andreessen Horowitz. “We are impressed with the management team’s breadth of experience and their incredible early momentum.”
Wrapbook is focused on solving the unique challenges that project-driven industries face — on-boarding, paying, insuring, accounting, factoring in the nature of the work, hazards and timing of payment — in order to increase efficiencies for everyone involved.
Since launching In the midst of COVID, Wrapbook has seen its revenue increase sevenfold across TV, Film, Live, and Commercial productions. More importantly the foundation is being laid for a Wrapbook community with 12% of the workers reusing their profile by being paid by two or more employers on the platform.
It is particularly well positioned to serve the needs of companies with remote work locations as well as workers who onboard new projects multiple times a year and have no way to track payments.
Seed round investors include Equal Ventures, Uncork Capital, founder of Paylocity Steve Sarowitz, 4S Bay Partners.
Company founders include Ali Javid, Co-Founder & Chief Executive Officer; Cameron Woodward, Co-Founder & Chief Marketing Officer; Hesham El-Nahhas, Co-Founder & Chief Technology Officer; and Naysawn Naji, Co-Founder & Chief Product Officer.
Wrapbook delivers a breakthrough digital financial services solution for the project economy. Focusing initially on the entertainment industry, its innovative technology platform offers production companies of every size easy-to-use employer software and workers a portable profile to make it easier to on-board, pay and insure cast and crew and for employees to track their payments. Wrapbook is led by a veteran founding team whose deep experience encompasses film and production, payments, and the insurance industry. Wrapbook has offices in Los Angeles, New York City, and Toronto.