A24 has closed on a $225m equity investment to fund its strategic growth plan and will use the capital to invest in and expand its production and distribution activities and continue to develop initiatives beyond the screen.
Stripes serves as the lead investor for the round and founder Ken Fox will 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.
The company behind Moonlight, Euphoria, Lady Bird and Uncut Gems, was launched by five people in New York in 2012. Last week it emerged that Rose Garnett, director of BBC Film, and Piers Wenger, director of BBC Drama, will join A24 in London in May.
“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,” said A24. “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.”
Goldman Sachs & Co. LLC advised on the transaction alongside Latham & Watkins LLP.
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