Tiger Global Bets on Wrapbook, Vaulting It to Unicorn Status
(Bloomberg) -- Tiger Global Management led a $100 million equity funding round for Wrapbook that values the maker of payroll software for the entertainment industry at $1 billion.
Other participating investors include Andreessen Horowitz, Jeffrey Katzenberg’s WndrCo, Uncork Capital, Equal Ventures and Kevin Hartz’s A-Star Partners, Wrapbook co-founder and Chief Executive Officer Ali Javid said in a phone interview.
“We’re going to continue to build software and offer financial services to production companies and cast and crew,” Javid said. The funding will help the startup further serve clients ranging from small producers to major studios involved in film, television, commercials and live events, he added.
Wrapbook, which describes itself as a “remote-first” company, has offices in New York, Los Angeles and Toronto. The startup says its technology supports more than 1,000 projects a month, and Javid said its revenue meaningfully climbed during 2020, despite much of the industry halting work during the height of the pandemic. He declined to provide specifics regarding financials.
“Wrapbook is well-positioned to meet the post-Covid demands of an entertainment industry eager for an all-in-one software and financial-services platform that will catapult them into the 21st Century,” Tiger Global Management partner John Curtius said in an emailed statement.
The funding round represents an almost sevenfold leap from the $147 million that Wrapbook was valued at in March following a round led by Andreessen, according to PitchBook data. Wrapbook’s headcount has grown to 90 from 20 since that funding round, and the startup is projected to end 2022 with about 250 staff, said Javid.
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