Renowned entrepreneur Lucy Guo, already a self-made millionaire and co-founder of the $7 billion-valued Scale AI, has now exclusively disclosed to Fortune her latest milestone: securing $40 million Series A funding for her newest venture, Passes, a creator monetization platform.
Previously, Passes had raised $9 million in seed funding in 2022, spearheaded by Austin-based cryptocurrency and blockchain investor Multicoin Capital. Notable participants in that round included Paris Hilton’s 11:11 Media, Jake Paul’s Anti Fund, and Eventbrite co-founder Kevin Hartz.
This time, the San Francisco-based Bond, led by Kleiner Perkins alums Mary Meeker and Mood Rowghani, took the lead in the Series A funding. Bond, a well-established fund with investments in industry giants like Humane, Canva, Epic Games, DoorDash, and Uber, aligns with Passes’ vision for growth and innovation. Guo plans to utilize the newly acquired funds to expand Passes’ team, comprising 15 dedicated individuals.
The Series A round saw participation from prominent figures in the tech and media sectors, including Skims co-founders Emma and Jens Grede and Crossbeam Ventures, the fund by Creative Arts Agency co-founder and former Disney president Michael Ovitz. While the company’s valuation remains undisclosed, the influx of support from notable investors speaks volumes about Passes’ potential.
So, what exactly does Passes offer that attracts significant players in the Valley? At its core, Passes is a social platform designed to help content creators diversify their revenue streams by directly monetizing their audiences. With features allowing influencers to post exclusive content, engage with subscribers, live stream, host one-on-one calls, and receive tips, Passes empowers creators with 100,000 followers across various social platforms to transform their passion into profit.
“I believe creators are small businesses, and it’s Passes’ goal to turn them into large businesses,” Guo emphasized to Fortune.
Traditionally, social media creators relied on brand deals for income, resulting in inconsistent earnings dependent on external factors. Passes aims to address this challenge by providing creators with a reliable source of income and greater control over their revenue streams. Additionally, Passes offers advanced features such as screenshot-blocking technology and automated sales messages, with plans to integrate AI technology for further optimization.
Guo’s entrepreneurial journey traces back to her early years when she demonstrated her business acumen by selling Pokémon cards and teaching herself to code. With a background in product design at Snapchat and Quora, Guo co-founded Scale AI in 2016, propelling her into the realm of technology unicorns. Despite her success, Guo remains committed to driving innovation, which is evident in her latest endeavor with Passes.
Currently supporting 900 creators and 500,000 fans, Passes boasts a roster of famous users, including America’s Got Talent runner-up Anna DeGuzman, fitness influencer Alysia Magen, and relationships therapist Jeff Guenther. The platform’s top 10 creators are projected to earn over $1 million this year, showcasing the lucrative opportunities Passes offers.
As Guo continues to steer Passes toward success, her dedication to addressing the challenges of the creator economy remains unwavering. While major social media platforms have attempted to address similar creator frustrations, Passes stands out as a beacon of innovation and empowerment in the ever-evolving landscape of content creation.
This press release was originally featured on Fortune.com.
