A24, the indie distributor behind hit films and television series such as “Moonlight” and “Euphoria,” recently closed an investment round led by Thrive Capital. Josh Kushner, who heads the New York investment firm, will now join A24’s board of directors. This investment marks a significant milestone for A24, as it received increased support from existing investors including Ken Fox’s private equity firm Stripes and investment fund Neuberger Berman.
While the exact dollar figure of the investment was not disclosed, it is reported that A24’s valuation has increased by 40% since its previous round of funding in 2022. This surge in valuation now places A24 at just over $3.5 billion. The company has ambitious plans for the future, with intentions to invest in and expand production and distribution. Moreover, A24 aims to work on initiatives spanning beyond the screen, including music, publishing, consumer products, and live theater.
Thrive Capital, with approximately $16 billion in assets under management, has a history of investing in category-defining businesses across various industries. Josh Kushner, who has backed successful companies like Instagram and Spotify, expressed his excitement about partnering with A24. He believes that A24’s combination of talent, creativity, business model, and technology innovation will revolutionize entertainment for the modern age. A24, on the other hand, stated that they are thrilled to have Thrive Capital on board, citing their unique expertise as invaluable for A24’s growth.
A24, which received seed funding from Tod Boehly’s Eldridge Industries in 2012, has come a long way since its inception. The company has built an impressive library of over 150 films and 50 television series, garnering critical acclaim and commercial success. With iconic projects like “Uncut Gems” and “Midsommar,” A24 has not only won numerous awards but has also amassed a loyal fan base. It is reported that external investors now own about 12.5% of the company, with the founders and employees retaining a significant majority.
A24’s recent investment round led by Thrive Capital signifies a new chapter in the company’s growth story. With an increased valuation and plans for expansion, A24 is poised to continue its success in the entertainment industry. The collaboration with Thrive Capital, backed by Josh Kushner’s track record of successful investments, bodes well for A24’s future endeavors. As A24 embarks on this exciting journey with a fresh injection of funds, the possibilities for innovation and creativity in entertainment seem limitless.
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