Wrapbook, a financial services startup whose tools are used to generate production payrolls, has launched a new mobile app after raising $100 million in Series B funding.
Jeffrey Katzenberg’s supporters are WndrCo and Michael Ovitz. According to data provided to Deadline, the company’s workforce has grown from 20 to 140 last year. Former employees of Amazon, Facebook, Shopify and Microsoft signed Wrapook. Also, over the past year, the number of users paid by two or more employers on the platform has risen sharply from 30% to 12% in March.
The company is targeting “Project Economics”, a broad division that includes film and television production.
“Project-based work is a vital part of our economy, but historically it has been underserved by traditional financial services,” said Ali Javid, CEO of Wrapbook. “Our mission is to create easy-to-use financial services solutions that support and enhance the well-being of the project economy. It didn’t make sense to us to provide players and crew with simple, one-time solutions for switching between projects and employers. ”
The Wrapbook app is designed to assist players and crew on board, send timesheets and track payments. It offers touch and facial recognition and helps users monitor various files as they pass through the system.
After initially raising $27 million in March 2021, the company closed its $100 million Series B funding round led by investment firm Tiger Global Management in the fourth quarter of 2021. Commitments from new and existing investors including WndrCo, Andreessen Horowitz, A*, Uncork Capital and Equal Ventures have increased the value of Wrapbook to $1 billion.
Along with Javid, the company’s management team includes Cameron Woodward, Chief Marketing Officer, Hesham El-Nahs, Executive Vice President of Public Affairs, and Naison Naji, Chief Innovation Officer.
The company describes itself as “first remote” with offices in Los Angeles, New York and Toronto.
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Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
