A24 Receives $225 Million Investment to Fuel Growth Plan
thewrap.comA24 has received an equity investment of $225 million to fuel a strategic growth plan, and the distributor plans to use the capital to invest in and expand its production and distribution of global, original stories, as well as develop projects beyond the screen.
The lead investor for the round is Stripes, and the company’s founder Ken Fox will now join A24’s board. Neuberger Berman, on behalf of client funds, co-led a group of investors in the round.
Collectively, this investment group will hold less than 10% of the company. This is the first equity raise for A24 since an initial seed funding by Eldridge, which remains a minority stakeholder in the company.
As of the closing of this transaction, A24’s founders and employees will maintain a significant majority of A24’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.”“A24 is a world-class brand and an extraordinary business,” Fox said. “We’ve built a relationship with the A24 team over many years and have been amazed by the breadth and impact of their iconic storytelling globally.
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