A24 secures funding injection from Thrive Capital valuing studio at $3.5bn

HBO drama hit Euphoria is an A24 production

New York-based venture capital firm Thrive Capital has made a significant investment in producer A24 in a funding round that values the US-based Euphoria and Everything Everywhere All at Once studio at around US$3.5bn.

The companies did not disclose the size of the investment. However, according to US reports, Thrive Capital, led by founder and managing partner Josh Kushner, invested around US$75m in A24, which is also based in New York.

With the investment, Kushner will join A24’s board of directors. Thrive Capital has previously invested in companies such as Spotify, Instagram and Open AI.

C21 understands that A24’s overall valuation now stands at just over US$3.5bn, 40% up from a couple of years ago when it raised US$225m at a valuation of around US$2.5bn.

In addition to Thrive Capital, several of A24’s other backers have increased their investments, the studio said, though details were not disclosed.

A24, founded 12 years ago by Daniel Katz, David Fenkel and John Hodges, has amassed a content catalogue of around 50 TV series and 150 films. TV shows produced by the company include The Sympathizer (HBO), The Curse (Showtime), Hazbin Hotel (Prime Video), Euphoria (HBO), Beef (Netflix) and The Idol (HBO). Its film output includes The Zone of Interest, The Iron Claw, Dream Scenario, Past Lives, Moonlight and Everything Everywhere All at Once.

“At Thrive, we aim to invest in category-defining businesses across every industry,” said Kushner, who is the younger brother of Donald Trump’s son-in-law Jared Kushner.

“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. We are honoured to partner with them.”

A24 said the Thrive Capital investment would be “invaluable in our growth,” adding: “With Thrive, alongside our existing partners, we look forward to growing our support of groundbreaking storytellers and helping their voices reach audiences around the world.”