In a blog post, co-founder and CEO Ali Javid said other investors include Equal Ventures, and Uncork Capital and venture capital firm Andreesen Horowitz.
The new funds “will accelerate our mission to increase the prosperity of the project economy,” Javid wrote.
Film, TV, commercial production, and live events have a combined worth of $181 billion, the Motion Picture Association estimated in 2020. While Covid-19 has created major complications, the market remains large and ripe for disruption, as Wrapbook sees it. The company is targeting payroll, insurance, and compliance activity across all entertainment sectors, saying nearly all of that paperwork is still processed manually.
“It’s time we bring production financial services into the 21st century,” Katzenberg said in a press release. “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.”
Founded in 2018, Wrapbook raised $3.6 million in seed financing in 2020.
Payments processed via the company’s platform have increased sevenfold over the past year despite the coronavirus pandemic, according to Javid. The company’s technology enables timecard submissions, onboarding and other steps to be completed on a smartphone app.
The company is aiming to make the process a smooth enough way for cast and crew to get paid that it becomes a common platform across multiple production companies. The number of users on Wrapbook who have been paid by two or more companies has steadily increased to 12%, the startup says.
“Today is only the beginning,” Javid wrote. “With this financing from the brightest minds in entertainment and technology, we will double down on what’s working and continue building out our platform based on your feedback.”