Gates' Daughter Founded an $8 Million Company Independently—Here’s Why That’s Significant
Before Phoebe Gates embarked on launching her fashion-tech company, Phia, which has since raised $8 million, her parents, Bill and Melinda French Gates, shared vital advice with her. Phoebe recounted that their guidance focused on building the right team, stressing that the colleagues you work alongside—whether they're co-founders, staff, or even interns—are fundamental to any company’s achievements. “It’s about the people you collaborate with, those you’re working late nights with—even down to the summer intern you hire,” she told Fortune. This perspective became a cornerstone in shaping Phia, the AI-driven shopping startup that Phoebe co-founded with her Stanford classmate, Sophia Kianni.
Phia, which is now up and running, has drawn in more than 500,000 users and partnered with upwards of 5,000 brands. The company’s mission is to revolutionize the resale industry by harnessing AI to make buying and selling more efficient, especially for Gen Z consumers who care deeply about authenticity and sustainability. The service is available as a free Chrome extension, offering users insights into product value and enabling them to search for pre-owned goods across leading resale platforms.
Despite the vast resources and connections her parents possess, Phoebe did not receive investment from Melinda French Gates for Phia. Melinda, one of the world’s wealthiest people, was clear that Phoebe would have to secure funding on her own. “She was funded not because of my network, not because of me. I chose not to invest,” Melinda explained. This stance was meant to encourage Phoebe’s independence and resilience, reflecting the Gates family’s philosophy that their children should carve their own paths without relying on family wealth.
Phoebe’s entrepreneurial path highlights both the obstacles and opportunities facing Gen Z founders. The startup world is fiercely competitive, and women entrepreneurs often encounter extra challenges when seeking investment. Melinda noted that overcoming these barriers is a crucial part of personal development. “That’s what I told her. She’s learning and growing through this,” she said. This approach echoes broader conversations about how young founders, particularly women, can succeed in industries where established networks and male leadership are common.
Phia’s achievements are also credited to its team and well-chosen partners. The startup’s $8 million seed round was led by Kleiner Perkins and attracted top-tier investors such as Sheryl Sandberg, Sara Blakely, and Michael Rubin. These backers provide not just funding but also valuable expertise in fashion, tech, and consumer markets. Phoebe highlighted the significance of building a team attuned to shifting consumer demands, stating, “We’re the women who use this platform every day. That’s why we aimed to include investors who genuinely grasp how shopping behaviors are transforming and what comes next.”
Phoebe’s business journey unfolds against the backdrop of a workforce rapidly evolving due to AI and automation. Bill Gates has consistently encouraged Gen Z to utilize AI tools to boost their adaptability and skills. At the same time, he recognizes the disruptive effects AI poses for entry-level roles, cautioning that employment trends may remain unpredictable for some time. This guidance mirrors Phoebe’s experiences as she steers her company through a landscape where innovation and determination are crucial for progress.
