Bill Gates’ daughter, Phoebe Gates, is making waves in the fashion tech scene with her innovative app Phia, co-created with her Stanford roommate, Sophia Kianni. Phia is rapidly gaining traction among young consumers as a savvy shopping assistant that employs artificial intelligence to discover the best prices on fashion items across over 40,000 retail and secondhand platforms.
Launched in April, the app has already attracted around 500,000 users and is being referred to as the “Google Flights for Fashion,” due to its efficiency and user-friendly interface. Investors are enthusiastic about the app’s potential, as evidenced by the $8 million seed funding the duo recently announced, which they secured in just three-and-a-half weeks. The round was led by Kleiner Perkins, with notable figures such as Kris Jenner and Hailey Bieber joining the investment mix.
Phoebe, the youngest child of Bill and Melinda Gates, reflected on her experience, stating, “We’re roommates fighting about clothing. We are the girls who are scouring shopping sites for deals.” This sentiment resonates with many young women who are on the lookout for fashionable yet affordable options. The app is designed to eliminate the hassle of advertising clutter and tedious searching, significantly enhancing the shopping experience.
Phoebe leads a relatively simple life, living in a modest two-bedroom apartment while embracing the modern ethos of sustainable shopping. Sophia, a trendsetter in her own right, has transitioned to purchasing most of her clothing through resale platforms, recently creating a structured approach to her wardrobe by planning outfits weekly.
In a notable move, instead of relying solely on her father for funding, Phoebe took her mother’s advice and embarked on an independent funding journey. They began with a $100,000 investment from Soma Capital and a $250,000 grant from a social entrepreneurship program at Stanford. This foundation allowed them to attract additional venture capital and build a small team, including full-time engineers and a designer who is still pursuing her education.
Phia represents not only a savvy business venture led by two ambitious young women but also a shift towards smarter, more economical shopping practices. As the app continues to grow and refine its offerings, the potential for Phia to revolutionize the way people approach fashion shopping is indeed promising.