A24, the indie distributor behind hits such as Moonlight and Euphoria, has recently closed an investment round led by Thrive Capital, the New York investment firm founded by Josh Kushner. This investment marks an important milestone for A24, as Josh Kushner will now join the board of directors, bringing a wealth of experience and expertise to the company.
Increased Support from Existing Investors
In addition to Thrive Capital’s investment, A24 has also received increased support from existing investors, including Ken Fox’s private equity firm Stripes and investment fund Neuberger Berman. This continued support from existing backers is a testament to the confidence they have in A24’s vision and growth potential.
Valuation and Utilization of Funds
While the exact dollar figure of the investment round was not disclosed, sources indicate that A24’s valuation has increased by 40% since its last funding round, now standing at over $3.5 billion. The company has not specified how it will utilize the funds, but it is expected to invest in expanding production and distribution, as well as venturing into new initiatives such as music, publishing, consumer products, and live theater.
A24’s portfolio extends beyond film and television production, encompassing a range of complementary businesses such as production and management firm 2AM, makeup and skincare brand Half Magic, and NYC’s Cherry Lane Theatre. This diversification allows A24 to explore new avenues of creativity and innovation, catering to a broader audience base.
Josh Kushner, known for his investments in companies like Open AI and Instagram, expressed his excitement about partnering with A24. Thrive Capital aims to invest in category-defining businesses, and sees A24 as a company that embodies extraordinary talent and creativity. The strategic partnership between Thrive Capital and A24 is expected to drive further growth and success for the indie distributor.
A Bright Future Ahead
With this latest investment round, A24 is poised to continue its trajectory of success, supporting groundbreaking storytellers and expanding its reach to global audiences. The company’s founders, Daniel Katz, David Fenkel, and John Hodges, along with its dedicated employees, remain committed to maintaining a significant majority stake in the company, ensuring that A24’s unique vision and values continue to guide its growth and development.