CANNES, France — HartBeat CEO Thai Randolph and chairman Kevin Hart have one thing on their mind when it comes to their surging business: more growth.
And they aren't ruling out another big capital raise to make it happen even faster.
"I won't throw out a number that we're looking at [capital wise], but our mission is to keep the world laughing together," Randolph told Yahoo Finance Live (video above) at the Cannes Lions Festival of Creativity (video above) on Tuesday. "That is a big, hairy, audacious goal. It takes not just capital but people and partnerships to fuel that mission."
Randolph added it's one of the reasons they're at Cannes.
"This is an amazing playground for brands, talent partners, platforms, and publishers," she said. "And to be in the mix connecting with so many amazing, companies across advertising, that's critical to that mission. Yes, we raised growth capital, but so much of the capital that will fuel the rest of this mission comes from commercial relationships like the ones that we form here."
'A team engine'
HartBeat isn't too far removed from making its first financial splash.
In April 2022, private equity firm Abry Partners invested $100 million into Kevin Hart's entertainment empire for a minority stake. The transaction valued HartBeat at a reported $650 million.
The investment ultimately led to the formation of present-day HartBeat. It combined Hart's prior two businesses: HartBeat Productions — a film and production company — and Laugh Out Loud.
HartBeat has more than 70 projects in development and production.
"We are definitely always thinking about expanding," Randolph explained. "We have doubled revenue year over year for the past few years. We have doubled the size of the team. We have grown our margins from a profit perspective. And with all of that, we always just feel like we're just getting started."
Hart — who won the "Entertainment Person of the Year" award at this year's Cannes festival — is actively engaged in the creative process at HartBeat. But he is also focused on ensuring HartBeat hires the right people to help take it to the next level.
To that end, Hart offered up a good tip to his fellow chairman.
"The best way to discover what you don't know is by listening, by informing yourself, and [by] being open to the idea and concept of change," Hart told Yahoo Finance Live. "And that change has to come with personnel. It has to come with ideating at a high level and acceptance to what that looks like."
"I am not the smartest man in the world — I will never put myself in a position to claim to be that," he added. "But what I am is an amazing team player. And the team that I can say that I've been able to put around me has helped me create this thing. It's a team engine. It's a team concept."
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on the banking crisis? Email brian.sozzi@yahoofinance.com
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