Wrapbook announced a $27 million Series A round of venture capital for its payroll platform focused on the entertainment industry.

In a mature category like payroll specialization can be a powerful differentiator. The entertainment industry certainly has its differences to the corporate landscape. While most “traditional” enterprises still struggle with the shift to a contingent workforce, from its roots entertainment has been an industry made up of contractors, LLCs, and solopreneurs working together on short and long-term projects. Sometimes floating in and out of the same projects in different operating companies.

Understanding the nuances of an industry and leveraging that knowledge to help customers navigate the landscape of compliance and tax burdens is a strong foundation to build from.

The HCM category saw USD $2.59 billion of VC investment in 2020. Payroll tech saw investments of $206 million. $5 billion was invested across all HR tech categories globally in 2020.

Source: Announcing Our Series A of $27M | Wrapbook

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