A24 Closes $225M Equity Investment To Fund Expansion

deadline.com:

The Oscar-winning indie studio behind such movies as Moonlight and If Beale Street Could Talk, has secured a $225 million equity investment to fund its strategic growth plan.It’s the first time A24 has received an injection of funds since its founding in 2012.

The studio received its initial seed funding from Eldridge, which remains a minority stakeholder.A24 plans to use the capital to expand production and distribution worldwide and develop high-quality initiatives beyond the screen.Stripes serves as the lead investor for the round, and Stripes’ founder, Ken Fox, will join A24’s board.

Neuberger Berman, on behalf of client funds, co-led a group of investors in the round. Collectively, these investors will hold less than 10% of the company.

As of the transaction’s closing, A24’s founders and employees will maintain a significant majority of the studio’s equity.“We are grateful to have such an incredible group of new partners on board and look forward to learning from their varied areas of expertise as we begin this phase of growth,” A24 said in a statement. “This investment is an affirmation of our model and allows us to continue our expansion, building on the platform we’ve established as we move towards the next chapter of A24.”Said Fox: “A24 is a world-class brand and an extraordinary business.