Wrapbook, a startup that offers payroll for the entertainment industry, announced a Series A financing of $27M from Andreesen Horowitz, Jeffrey Katzenberg’s WndrCo, Michael Ovitz, Equal Ventures, and Uncork Capital.
Wrapbook co-founder and CEO Ali Javid said that entertainment payroll has remained a largely old-fashioned, paper-based process, which can be particularly difficult to track as cast and crew move from project to project, up to 30 times in single year. Wrapbook digitizes and simplifies the process — electronically collecting all the forms and signatures needed at the beginning of production, handling payroll itself, creating a dashboard to track payments and also making it easy to obtain the necessary insurance.
Javid described the Wrapbook platform as a “a vertical fintech solution that’s growing really fast in an industry that we understand really well and not many others have thought about.” He said the company’s revenue grew 7x in 2020. The funding will be used to hire more staff and expand the platform.