A24 has raised a significant amount of funding from Josh Kushner’s Thrive Capital, and the indie studio is now valued at $3.5 billion, a source familiar with the investment told IndieWire. The studio’s new valuation is 40% higher than its last funding round, which saw a $225 million investment and a $2.5 billion valuation in 2022.
That doesn’t mean Kushner is putting in $1 billion. Far from it. A24 announced Wednesday that existing investors from the previous round have also increased their contributions to the new round. Plus, the A24 brand has seen its valuation grow organically in recent years on successes like “Everything Everywhere All at Once” (2022), “Talk to Me” (2022) and this year’s “Civil War.”
But it must have still been a substantial sum: The Financial Times reported Kushner’s investment at $100 million, and we understand that figure is approximate.
It’s not just Kushner’s money that’s flowing into A24 — his own money, too: Kushner, founder of New York-based Thrive Capital, which has investments in Instagram, Spotify, and Stripe, among others, will join A24’s board of directors.
“At Thrive, we seek to invest in category-defining businesses across all industries,” Thrive Capital said in a statement. “We see A24 as a company that combines extraordinary talent and creativity with business model and technological innovation to reinvent modern entertainment, and we are honored to partner with them.”
“We’re thrilled to collaborate with Thrive Capital, whose unique expertise will be invaluable to our growth,” A24 said in a statement. “Together with Thrive and our existing partners, we look forward to expanding our support for groundbreaking storytellers and helping their voices reach audiences around the world.”
Founded in 2012, A24 has produced more than 150 films and 50 television series, many of which have been critically acclaimed. The studio has won 16 Academy Awards, 14 Golden Globe Awards and 18 Emmy Awards. Major productions include films such as Everything Everywhere All at Once, Moonlight and Uncut Gems, and television series such as Euphoria, Beef, Rummy and The Sympathizer.
Upcoming A24 titles include Smashing Machine starring Dwayne “The Rock” Johnson and Emily Blunt, High and Low directed by Spike Lee and starring Denzel Washington, We Live in Time starring Florence Pugh and Andrew Garfield, Heretic starring Hugh Grant, Babygirl starring Nicole Kidman and Harris Dickinson, Eddington starring Joaquin Phoenix, Pedro Pascal and Emma Stone, Sunny for Apple TV+ starring Rashida Jones, and Overcompensating for Amazon starring Benito Skinner and Charlie XCX.
A24 explored a sale in 2021 for around $3 billion, but no buyers came forward.
Kushner is the 39-year-old son of real estate developer Charles Kushner, brother of Donald Trump’s son-in-law Jared Kushner, and married to model Karlie Kloss.
