The deal is the largest of the festival thus far.
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Netflix, Amazon, and Sony Pictures were also interested in purchasing the film, according to Variety.
The plot is centered on a 22-year-old (Raiff) that befriends a local mom (Dakota Johnson) after working as a party-starter at the bar and bat mitzvahs of his younger brother’s classmates.
Raiff wrote the script and stars in the film alongside Johnson, Leslie Mann, Vanessa Burghardt, Evan Assante, and Brad Garrett.
Raiff’s debut feature, Shithouse, won the 2020 SXSW Grand Jury Prize.