A24, the renowned indie distributor, has recently closed an investment round led by Thrive Capital, which is the New York investment firm founded by Josh Kushner. The involvement of Thrive Capital marks a significant development for A24, as Josh Kushner himself will now join the indie distributor’s board of directors. This move demonstrates the growing interest in A24 and its potential for further growth and expansion within the entertainment industry.
In addition to Thrive Capital’s investment, A24 has also received increased support from existing investors who participated in the previous round, including Ken Fox’s private equity firm Stripes, and investment fund Neuberger Berman. This support from existing investors showcases their confidence in A24’s business model and its potential for continued success in the future.
While the exact dollar figure of the recent investment round was not disclosed, it is worth noting that A24’s valuation has seen a significant increase of 40% since its previous round in 2022. This increase values the company at just over $3.5 billion, highlighting its strong market position and growth potential. Despite the lack of specifics on how the funds will be used, it is expected that A24 will invest in expanding production and distribution, as well as continuing its work on initiatives beyond the screen. These initiatives encompass a wide range of endeavors, from music and publishing to consumer products and live theater, all of which contribute to A24’s diverse portfolio of complementary businesses.
Josh Kushner’s investment track record, which includes backing companies like Open AI, Instagram, Spotify, and Stripe, underscores Thrive Capital’s commitment to investing in innovative and category-defining businesses. In partnering with A24, Thrive Capital sees an opportunity to support a company that brings together extraordinary talent and creativity with business model and technology innovation to redefine entertainment for the modern age. A24, on the other hand, welcomes Thrive Capital’s unique expertise, recognizing the value it can bring to their growth and expansion efforts. With Thrive Capital and existing partners on board, A24 aims to further support groundbreaking storytellers and reach audiences around the world.
Since its inception in 2012 with initial seed funding from Tod Boehly’s Eldridge Industries, A24 has built an impressive library of over 150 films and 50 television series. These include critically acclaimed and commercially successful projects such as “Moonlight,” “Uncut Gems,” “Euphoria,” and “Ramy,” among others. The company has also garnered numerous awards, including Oscars, Golden Globes, and Emmys, solidifying its position as a leading player in the industry. With external investors now owning about 12.5% of the company, A24 founders and employees remain the majority stakeholders, indicating their commitment to the company’s continued success and growth.
The recent investment round led by Thrive Capital represents a significant milestone for A24 and a vote of confidence in its future prospects. As A24 continues to push boundaries and redefine entertainment, the partnership with Thrive Capital and existing investors will undoubtedly play a crucial role in shaping its long-term success in the industry.
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