US-based talent management and media production company Sugar23 has received $30m in a funding round co-led by entertainment company MRC and venture capital firm Swan & Legend Venture Partners, Deadline has reported.
Sugar23 was founded in 2017 by film producer and talent manager Michael Sugar, who represents film directors Cary Joji Fukunaga and Steven Soderbergh. He also co-produced Academy Award winning film Spotlight and television shows including The OA and 13 Reasons Why.
The company said it has dozens of television and film projects in development and also works with consumer brands including esports organisation FaZe Clan and magazine publisher Time.
Sugar23 has secured first-look film deal and a wider television deal with on-demand streaming service Netflix as well as a first-look television deal with entertainment producer Anonymous Content. It also incubates and invests in companies, while providing services such as brand development through its Sugar23 Global division.
The funding will be used to expand Sugar23’s business into podcasting and book publishing. It is looking to bolster its talent agency division by recruiting up to 20 new managers over the next year, and is hiring Meredith Wechter, an agent leaving talent agency WME who represents actress Gal Gadot and actor Jason Momoa.