A24 Secures New Investment From Josh Kushner’s Thrive Capital, Valued At $3.5 Billion
A24, a popular movie and television studio, has received new funding from Thrive Capital, led by Josh Kushner. This investment has increased the company's value to $3.5 billion. Josh Kushner will also join A24's board of directors.
What is Thrive Capital?
Thrive Capital is an investment firm that provides money to companies they believe will grow significantly. Josh Kushner, the person behind Thrive Capital, has funded big names like Instagram, Spotify, and OpenAI.
Previous Investments
A24 has raised funds before. In 2022, it received $225 million through Stripes, valuing the company at $2.5 billion at that time. With the new round of funding, A24's value has increased by 40%.
Future Plans For A24
Although specific uses for the new funds were not detailed, Deadline reports that A24 plans to:
- Expand Production and Distribution: This means making more movies and TV shows and ensuring they reach a wide audience.
- Develop New Projects: Beyond films and series, A24 is interested in music, publishing, consumer products, and live theater.
Other Ventures
A24 is also involved in:
- 2AM: A production and management firm.
- Half Magic: A makeup and skincare brand.
- Cherry Lane Theatre: A theater in New York City.
Thrive Capital's Commitment
Thrive Capital expressed their excitement about working with A24, highlighting the studio's ability to combine top talent and creativity with innovative business models and technology.
A24's Reaction
A24 shared enthusiasm for the partnership with Thrive Capital, stating that Thrive's expertise will be crucial for their growth.
Background on A24
A24 began in 2012 with seed funding from Eldridge Industries. It has since produced a variety of successful films and TV shows like:
- Films: "Everything Everywhere All At Once," "Midsommar," "Moonlight"
- TV Series: "Euphoria," "Beef," "Ramy"
A24's upcoming projects include:
- The Smashing Machine starring Dwayne “The Rock” Johnson and Emily Blunt
- High and Low directed by Spike Lee, starring Denzel Washington
- We Live in Time starring Florence Pugh and Andrew Garfield
Ownership Structure
With this latest funding, external investors hold about 12.5% of A24. The majority ownership remains with the company’s founders and employees.
Summary
This new investment by Thrive Capital significantly boosts A24's value, ensuring that the studio continues to create groundbreaking content and expand its reach globally.
