A24 valuation jumps to $3.5 billion with new funding round

June 26, 2024 4 AM PT

Known for art house films, Oscar contenders and prestige horror flicks, indie studio A24 has landed a new round of funding led by venture capital firm Thrive Capital.

The studio declined to disclose the size of the funding round.

But the capital raise increased the company’s valuation to about $3.5 billion, up 40% from its most recent funding round, according to a person familiar with the matter who wasn’t authorized to comment.

That first fund raise was in 2022 and consisted of $225 million led by investment firm Stripes, which put the studio’s valuation at the time at $2.5 billion.

New York-based A24 said in a statement that it was “thrilled” to be working with Thrive Capital, “whose unique expertise will be invaluable in our growth.”

Thrive Capital, which is also based in New York, has typically invested in internet and software companies. The venture capital firm previously backed tech giants such as Instagram, Spotify and payment processing firm Stripe. Thrive Capital founder Josh Kushner will join A24’s board of directors.

“In A24, we see a company bringing extraordinary talent and creativity together with business model and technology innovation to reinvent entertainment for the modern age,” Thrive Capital said in a statement.

A24 is coming off a successful run for its political apocalyptic thriller “Civil War,” which came out in April and is its biggest-budget film to date, costing $50 million to produce. The film, starring Kirsten Dunst, grossed more than $120 million at the global box office.

The studio has developed a loyal following for its complex, critically acclaimed films, including “Uncut Gems,” “Hereditary” and “Lady Bird.” Its releases “Everything Everywhere All at Once” and “Moonlight” won Oscars for best picture.

A24’s efforts in TV have included the HBO hit “Euphoria” and the oddball Showtime satire “The Curse.”