The leisure trade faces mounting challenges, from skyrocketing manufacturing prices and technological disruption to expertise shortages in specialised fields like visible results. These pressures create a fancy panorama the place monetary administration, technological adaptation, and workforce acquisition are essential for achievement. On this setting, Wrapbook has emerged as an important instrument for manufacturing firms, providing an all-in-one payroll and finance resolution tailor-made to the trade’s distinctive wants. Wrapbook’s platform empowers finance and accounting groups with real-time info, streamlining payroll processing and fostering collaboration whereas making certain compliance. Integrating with main accounting and manufacturing software program, Wrapbook handles whole productions from pre-production to wrap, making it a seamless addition to present tech stacks. The platform’s versatility has attracted a various clientele, from main studios to impartial productions, leading to spectacular development with over 1000 firms now utilizing the service and a 50% year-over-year income enhance.
AlleyWatch caught up with Wrapbook Cofounder Cameron Woodward to study extra concerning the enterprise, the corporate’s strategic plans, newest spherical of funding,which comes at a $750M valuation, and far, rather more…
Who had been your buyers and the way a lot did you elevate?
We just lately raised $20M in a Sequence B extension spherical led by Bessemer Enterprise Companions. This funding is a testomony to the unbelievable progress our workforce has made and the belief our buyers have in our imaginative and prescient for reworking manufacturing finance.
Inform us concerning the services or products that Wrapbook affords.
Wrapbook supplies a contemporary, all-in-one resolution for manufacturing finance and payroll, tailor-made particularly for the leisure trade. Our platform empowers manufacturing accounting groups with real-time monetary insights, streamlined payroll processing, and seamless collaboration—all designed to simplify the complexities of managing manufacturing budgets and compliance.
What impressed the beginning of Wrapbook?
Wrapbook was impressed by the challenges confronted by manufacturing finance groups who work beneath immense strain with outdated, fragmented programs. We noticed a possibility to deliver trendy expertise to an trade that also relied on paper-based processes, offering manufacturing groups with a platform that not solely simplifies workflows but additionally acts as a pressure multiplier for his or her operations.
How is Wrapbook totally different?
Wrapbook stands out via its mixture of next-gen expertise and a contemporary service mannequin. Our platform supplies real-time insights, sooner payroll processing, and unparalleled buyer assist. We’re not only a payroll supplier; we’re reworking how manufacturing finance groups function, enabling them to be extra strategic and environment friendly.
What market does Wrapbook goal and the way large is it?
We goal the leisure trade, particularly manufacturing finance groups throughout movie, TV, commercials, and stay occasions. The market is critical, with billions spent yearly on manufacturing prices in North America alone. As productions enhance in complexity and scale, there’s a rising want for streamlined monetary administration options, positioning Wrapbook for substantial development.
What’s your corporation mannequin?
Wrapbook operates on a transactional pricing mannequin the place we cost a p.c of wages processed. We additionally provide further providers and expertise, equivalent to payroll processing and instruments for compliance administration, that are essential for productions of all sizes.
How has the enterprise modified since we final spoke after Wrapbook’s Sequence A in 2021?
Since our Sequence A, we’ve skilled vital development, together with 50% year-over-year income enhance. We’ve expanded our platform capabilities, onboarded main studios, and grown our workforce to proceed supporting our purchasers with much more sturdy and progressive options. We’ve additionally launched a young provide to acknowledge and rejoice the contributions of our staff.
What was the funding course of like?
Now we have been in contact with Bessemer Enterprise Companions since 2019 and either side have needed to work collectively for a very long time. The spherical got here collectively shortly based mostly on a deep shared understanding of the chance.
What elements about your corporation led your buyers to put in writing the verify?
Our buyers had been impressed by the traction we’ve gained, the depth of our product, and our clear imaginative and prescient for the way forward for manufacturing finance. They noticed the potential of our platform to be a pressure multiplier for manufacturing accounting groups to extend their effectivity, accuracy, and output with out rising labor efforts or prices.
Our buyers had been impressed by the traction we’ve gained, the depth of our product, and our clear imaginative and prescient for the way forward for manufacturing finance. They noticed the potential of our platform to be a pressure multiplier for manufacturing accounting groups to extend their effectivity, accuracy, and output with out rising labor efforts or prices.
What are the milestones you propose to attain within the subsequent six months?
Over the subsequent six months, we plan to increase our product choices and proceed rising our consumer base. We’re additionally targeted on enhancing our service mannequin to supply even larger assist and worth to manufacturing finance groups.
What recommendation are you able to provide firms in New York that do not need a recent injection of capital within the financial institution?
Keep targeted on delivering worth to your clients and preserve a lean, agile strategy to development. Robust buyer relationships and a transparent imaginative and prescient may help you climate difficult instances.
The place do you see the corporate going within the close to time period?
Within the close to time period, we’re targeted on making a bigger impression within the movie and tv segments, the place we see super alternative for development. We’re additionally increasing our workforce and accelerating our tempo of innovation to ship much more worth to our clients and the trade.
What’s your favourite fall vacation spot in and across the metropolis?
One among my favourite fall locations is Central Park. There is no such thing as a higher place to reconnect with buddies.
