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The entertainment industry faces mounting challenges, from skyrocketing production costs and technological disruption to talent shortages in specialized fields like visual effects. These pressures create a complex landscape where financial management, technological adaptation, and workforce acquisition are critical for success. In this environment, Wrapbook has emerged as a vital tool for production companies, offering an all-in-one payroll and finance solution tailored to the industry’s unique needs. Wrapbook’s platform empowers finance and accounting teams with real-time information, streamlining payroll processing and fostering collaboration while ensuring compliance. Integrating with leading accounting and production software, Wrapbook handles entire productions from pre-production to wrap, making it a seamless addition to existing tech stacks. The platform’s versatility has attracted a diverse clientele, from major studios to independent productions, resulting in impressive growth with over 1000 companies now using the service and a 50% year-over-year revenue increase.
AlleyWatch caught up with Wrapbook Cofounder Cameron Woodward to learn more about the business, the company’s strategic plans, latest round of funding,which comes at a $750M valuation, and much, much more…
Who were your investors and how much did you raise?
We recently raised $20M in a Series B extension round led by Bessemer Venture Partners. This funding is a testament to the incredible progress our team has made and the trust our investors have in our vision for transforming production finance.
Tell us about the product or service that Wrapbook offers.
Wrapbook provides a modern, all-in-one solution for production finance and payroll, tailored specifically for the entertainment industry. Our platform empowers production accounting teams with real-time financial insights, streamlined payroll processing, and seamless collaboration—all designed to simplify the complexities of managing production budgets and compliance.
What inspired the start of Wrapbook?
Wrapbook was inspired by the challenges faced by production finance teams who work under immense pressure with outdated, fragmented systems. We saw an opportunity to bring modern technology to an industry that still relied on paper-based processes, providing production teams with a platform that not only simplifies workflows but also acts as a force multiplier for their operations.
How is Wrapbook different?
Wrapbook stands out through its combination of next-gen technology and a modern service model. Our platform provides real-time insights, faster payroll processing, and unparalleled customer support. We’re not just a payroll provider; we’re transforming how production finance teams operate, enabling them to be more strategic and efficient.
What market does Wrapbook target and how big is it?
We target the entertainment industry, specifically production finance teams across film, TV, commercials, and live events. The market is significant, with billions spent annually on production costs in North America alone. As productions increase in complexity and scale, there’s a growing need for streamlined financial management solutions, positioning Wrapbook for substantial growth.
What’s your business model?
Wrapbook operates on a transactional pricing model where we charge a percent of wages processed. We also offer additional services and technology, such as payroll processing and tools for compliance management, which are critical for productions of all sizes.
How has the business changed since we last spoke after Wrapbook’s Series A in 2021?
Since our Series A, we’ve experienced significant growth, including 50% year-over-year revenue increase. We’ve expanded our platform capabilities, onboarded major studios, and grown our team to continue supporting our clients with even more robust and innovative solutions. We’ve also launched a tender offer to recognize and celebrate the contributions of our employees.
What was the funding process like?
We have been in touch with Bessemer Venture Partners since 2019 and both sides have wanted to work together for a long time. The round came together quickly based on a deep shared understanding of the opportunity.
What factors about your business led your investors to write the check?
Our investors were impressed by the traction we’ve gained, the depth of our product, and our clear vision for the future of production finance. They saw the potential of our platform to be a force multiplier for production accounting teams to increase their efficiency, accuracy, and output without increasing labor efforts or costs.
Our investors were impressed by the traction we’ve gained, the depth of our product, and our clear vision for the future of production finance. They saw the potential of our platform to be a force multiplier for production accounting teams to increase their efficiency, accuracy, and output without increasing labor efforts or costs.
What are the milestones you plan to achieve in the next six months?
Over the next six months, we plan to expand our product offerings and continue growing our client base. We’re also focused on enhancing our service model to provide even greater support and value to production finance teams.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Stay focused on delivering value to your customers and maintain a lean, agile approach to growth. Strong customer relationships and a clear vision can help you weather challenging times.
Where do you see the company going in the near term?
In the near term, we’re focused on making a larger impact in the film and television segments, where we see tremendous opportunity for growth. We’re also expanding our team and accelerating our pace of innovation to deliver even more value to our customers and the industry.
What’s your favorite fall destination in and around the city?
One of my favorite fall destinations is Central Park. There is no better place to reconnect with friends.
