Wrapbook, which is aiming to be Hollywood’s top payroll processing platform, has raised $3.6 million in seed funding, the company announced on Tuesday. A valuation figure was not disclosed. Equal Ventures led the investment round, while 4S Bay Partners, Uncork Capital and Paylocity founder Steve Sarowitz also participated.
The Toronto-based company offers entertainment companies payroll, insurance, compliance and tax filing services via its software platform, seeking to win over new clients in an industry that still mostly relies on manual payroll processing.
“Wrapbook is the first and only platform of its kind to embrace the worker, enabling them to create and own a fully portable digital profile that securely stores banking details, tax identification, and other essential HR compliance records,” Equal Ventures General Partner Richard Kerby said in a statement. “Customers love that the Wrapbook team has combined its deep knowledge of the creative industry with an impressive technical stack to completely reimagine the tedious process of setting up distributed teams.”
CEO Ali Javid co-founded Wrapbook in 2018 alongside Chief Product officer Naysawn Naji, Chief Marketing Officer Cameron Woodward and Chief Technology Officer Hesham El-Nahhas.
“Wrapbook is the easiest way for employers to compliantly pay employees for a week of work,” says Wrapbook Co-Founder, CEO Ali Javid. “We are here to help employers and employees be paperless to assist with COVID-19 and be compliant AB5 in entertainment and across project based industries.”
The company had previously raised money at a $5.5 million valuation, per Pitchbook.