How Phoebe Gates and Sophia Kianni used Gen Z methods to raise $8M for Phia

A fashion tech startup named Phia is making waves in the industry, thanks to its founders: Phoebe Gates, the daughter of Bill Gates, and her Stanford roommate Sophia Kianni. Designed to simplify online shopping, Phia functions as a mobile application and browser extension that allows users to compare prices on fashion items across the web, earning the nickname "Google Flights for fashion." In a recent interview with TechCrunch, Gates emphasized the vision behind Phia, stating, "As we think about what the future of fashion will be like, it's all about making access easier to things that people haven't had access to before." Launched in April, Phia has already attracted around 500,000 users and generated significant interest from investors, culminating in an impressive $8 million seed funding round announced in early September. This funding came together remarkably quickly, taking just three and a half weeks to secure, with participation from notable backers like Kleiner Perkins, Kris Jenner, and Hailey Bieber. Phia has introduced an enhanced search feature that scours over 300 million fashion items to improve the online shopping experience. Kianni shared that the app aims to create a seamless environment where users can track their previous purchases and searches while discovering new items tailored to their tastes. The duo's journey began two years ago when they first met, and they quickly pivoted from their initial idea of a desktop Chrome extension aimed at finding second-hand options, after realizing their peers primarily shopped via mobile devices. The first funding check Phia received came from a Stanford entrepreneurship program. As their user base began to grow, the founders recognized the need for venture capital to realize their vision fully. They meticulously researched top investors, aiming to include prominent women in the funding round. In an unexpected turn, Soma Capital reached out to Kianni via LinkedIn, leading to one of their early institutional investments. Their funding round features a diverse group of influential figures from business and technology. Kianni, a well-known climate activist and founder of Climate Cardinals, has made her mark as an advisor to the United Nations and has been recognized as one of the BBC’s 100 Women. Other notable investors include billionaire Michael Rubin, Spanx founder Sara Blakely, and former Facebook COO Sheryl Sandberg. Rubin expressed his enthusiasm for Phia, stating, "What excites me about Phia is how Phoebe and Sophia are bringing real innovation to the space by making shopping smarter." The marketing strategies employed by Phia are distinctly aligned with Gen Z sensibilities, focusing heavily on organic, founder-led content. Gates and Kianni actively engage with their audience, soliciting feedback through direct messages and leveraging social media for hiring and design sourcing. Additionally, they utilize ChatGPT for marketing efforts aimed at creating viral campaigns. Their podcast, "The Burnouts," launched alongside the app, has garnered almost half a million Instagram followers and has helped direct attention to Phia, sharing insights and career advice for young people, particularly women. As they look to the future, Gates and Kianni aim to expand their team, currently consisting of just 12 members, and will continue to recruit via social media. They envision Phia as a leader in personalized shopping experiences, with aspirations of developing a personalized assistant that will help users manage purchases and reselling decisions. "There’s so much more that we still need to do, so much more we want to learn and grow," Kianni remarked, emphasizing their commitment to transparency and community engagement as they continue their journey.