A24, the indie distributor known for its unique and groundbreaking content, has recently closed an investment round led by Thrive Capital, the New York investment firm of Josh Kushner. This marks a significant milestone for the company as it continues to grow and expand its reach in the entertainment industry. The investment round also saw increased support from existing investors, including Ken Fox’s private equity firm Stripes and investment fund Neuberger Berman. The exact dollar figure of the investment was not disclosed in the announcement, but it is speculated that the valuation of A24 has increased by 40% since its last investment round in 2022.
While the specifics of how the funds will be utilized were not explicitly outlined in the announcement, it is understood that A24 plans to invest in and expand its production and distribution capabilities. Additionally, the company aims to continue its work on various initiatives beyond the screen, including ventures into music, publishing, consumer products, and live theater. A24’s complementary businesses, such as production and management firm 2AM, makeup and skincare brand Half Magic, and NYC’s Cherry Lane Theatre, further showcase the company’s diverse portfolio and commitment to innovation.
Josh Kushner, the leader of Thrive Capital and brother of Jared Kushner, has an impressive track record of backing successful ventures such as Open AI, Instagram, Spotify, and Stripe. With approximately $16 billion in assets under management, Thrive Capital is well-positioned to support A24 in its growth and expansion efforts. Kushner’s unique expertise and vision for investing in category-defining businesses aligns well with A24’s mission to reinvent entertainment for the modern age.
Both A24 and Thrive Capital have expressed their excitement about the partnership and the potential it holds for the future. Thrive Capital acknowledges A24’s ability to bring extraordinary talent and creativity together with innovative business models and technology, while A24 values Thrive Capital’s expertise and support in driving its growth. Together with existing partners, A24 is poised to further support groundbreaking storytellers and bring their voices to audiences worldwide.
Since its inception in 2012 with initial seed funding from Tod Boehly’s Eldridge Industries, A24 has built a premium library of over 150 films and 50 television series. This includes critically acclaimed titles such as “Moonlight,” “Uncut Gems,” “Euphoria,” and “Ramy,” which have garnered numerous awards and accolades. With a passionate fan base and a legacy of success, A24 continues to push boundaries and set new standards for storytelling in the entertainment industry.
The recent investment round led by Thrive Capital represents a significant milestone for A24 as it looks to the future with optimism and ambition. With the support of Josh Kushner and Thrive Capital, A24 is well-positioned to continue its legacy of innovation and creativity, bringing fresh and exciting content to audiences around the world.
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